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Question
‘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.
Solution
Given that, a stock purchased by ‘Sweet 16’ was worth ₹ 4,00,000
GST applicable is 12%.
∴ Input tax = 12% of 4,00,000
= `12/100 xx 4,00,000`
= ₹ 48,000
∴ Input tax Credit (ITC) = ₹ 48,000
The garment stock was sold for ₹ 5,50,000
∴ Output tax = 12% of 5,50,000
= `12/100 xx 5,50,000`
= ₹ 66,000
∴ GST payable = output tax – ITC
= 66,000 – 48,000
= ₹ 18,000
∴ CGST = SGST = `"GST payable"/2` = ₹ 9,000
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