Advertisements
Advertisements
Question
Janhavi Gas Agency purchased some gas cylinders for Rs. 500000 and sold them to the customers for Rs. 590000. Find the amount of GST payable and the amount of ITC 5% GST is applicable.
Solution
Given that, Janhavi Gas Agency purchased some gas cylinders for ₹ 5,00,000, and GST applicable is 5%.
∴ Input tax (ITC) = 5% of 5,00,000
= `5/100 xx 5,00,000`
= ₹ 25,000
Janhavi Gas Agency sold the gas cylinders for ₹ 5,90,000
∴ Output tax for Janhavi Gas Agency
= 5% of 5,90,000
= `5/100 xx 5,90,000`
= ₹ 29,500
GST payable = Output tax – Input tax (ITC)
= 29,500 – 25,000
= ₹ 4500
∴ GST payable for Janhavi Gas Agency is ₹ 4,500 and ITC is ₹ 25,000.
APPEARS IN
RELATED QUESTIONS
Answer in One Sentence:
In which year GST was imposed by the Central Government of India?
Give one word/term or phrase for the following statement:
Brief explanation of an entry.
Give one word/term or phrase for the following statement:
Page number of the ledger.
Correct the following statement and rewrite the statement:
GST is imposed by the Government of India from 1st July 2018.
M/s Janaseva sweet mart sold sweets of Rs.3,86,000. What CGST and SGST he will pay if the rate of GST is 5%?
Heena Enterprise sold cosmetics worth Rs. 25000 to Leena traders, a retailer. Leena Traders sold it further to Meena Beauty Products for Rs. 30000. Meena Beauty Product sold it further to the customers for Rs. 40000. The rate of GST is 18%
Find
i) GST Payable by each party
ii) CGST and SGST
Two friends ‘Aditi’ and ‘Vaishali’ went to a restaurant. They ordered 2 Masala Dosa costing Rs. 90 each 2 coffee costing Rs.60 each and 1 sandwich costing Rs. 80. If GST is charged at 5% Find the Total amount of the bill including GST.
‘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
‘Sweet 16’ A ready-made garments shop for Women's garments, purchased stock for Rs. 400000 and sold that stock for 550000 ( 12% GST is applicable)
Find,
i) Input Tax Credit
ii) CGST and SGST paid by the firm.
Do you agree or disagree with following statement:
GST stands for Goods and Sales Tax.
Purchased Motor Car from Tata & Company worth ₹ 2,00,000 at 18% GST. Find out GST amount.
Paid Transport charges ₹ 10,000 @ 5% GST. Calculate CGST & SGST.
Bought goods from Ranjan ₹ 10,000 @ 5% GST and 10% cash discount. Calculate cash discount.
Sold goods of ₹ 1,00,000 at 10%. Trade Discount and 10% cash discount to Ram and received 50% amount by cheque. Calculate the amount of cheque received.
