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Question
A company dealing in mobile phones purchased mobile phones worth Rs500000 and sold the same to customers at Rs.6,00,000. Find the amount Of ITC and the amount of GST if the rate of GST is 12%.
Solution
Given that the rate of GST applicable is 12%.
The company purchased mobile phones worth ₹ 5,00,000.
∴ Input tax (ITC) = 12% of 5,00,000
= `12/100 xx 5,00,000`
= ₹ 60,000
The company dealing in mobile phones sold the same to customers at ₹ 6,00,000.
∴ Output tax of the company = 12% of 6,00,000
= `12/100 xx 6,00,000`
= ₹ 72,000
GST payable for the company
= Output tax – Input tax (ITC)
= 72,000 – 60,000
= ₹ 12,000
∴ The ITC for the company is ₹ 60,000 and GST payable is ₹ 12,000.
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