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Question
‘Chitra furnishings’ purchased tapestry (curtain cloth) for Rs. 2800000 and sold for Rs.4480000 Rate of GST is 5%.
Find,
i) Input Tax
ii) Output Tax
iii) ITC
iv) CGST and SGST
Solution
Given, that ‘Chitra furnishings’ purchased tapestry (curtain cloth) for ₹ 28,00,000 and the rate of GST is 5%
∴ Input tax = 5% of 28,00,000
= `5/100 xx 28,00,000`
= ₹ 1,40,000
The tapestry was sold at ₹ 44,80,000
∴ Output tax = 5% of 44,80,000
= `5/100 xx 44,80,000`
= ₹ 2,24,000
Now ITC = Input tax = ₹ 1,40,000
GST payable = Output tax – ITC
= 2,24,000 – 1,40,000
= ₹ 84,000
∴ CGST = SGST = `"GST Payable"/2`
= `(84,000)/2`
= ₹ 42,000
∴ CGST = SGST = ₹ 42,000
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