Virat Kohli is a supplier of sports goods. . He paid GST of rupees 7000 at the time of purchase. He collected GST of rupees 8500 at the time of sale. Find his (i) output tax (ii)Find his payable GST. *
1 point
Output tax = 7000 and payable GST = 8500
Output tax = 8500 and payable GST = 7000
Output tax = 8500 and payable GST = 1000
Output tax = 8500 and payable GST = 1500
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Traders and businessmen from the sports equipment manufacturing industry in Jalandhar have demanded rollback of the Goods and Services Tax (GST) rates, stating that their business has declined by 50% after the GST was rolled out in July last year.
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