Saved Bookmarks
| 1. |
4. Malik Gas Agency (Chandigarh Union Teritory) purchased some gas cylinderfor industrial use foră24,500, and sold them to the local customers forFind the GST to be paid at the rate of 5% and hence the CGST and UTGST to bepaid for this transaction. (for Union Territories there is UTGST instead of SGST.2 |
|
Answer» (i) For Malik as Agency :Input Tax (GST on Purchase) = 5% of ₹24500 =24500∗510024500∗5100 = ₹1225 (ii) Output tax (GST on Sale) = 5% of ₹26500 =26500∗510026500∗5100 = ₹1325(iii) GST payable = Output tax – Input tax = 1325 – 1225∴ GST payable =₹100(iv) We know that, CGST and UTGST are similar for the article. The net GST amount isdivided into two equal parts for this. ∴ CGST paid =10021002 =₹50 and ∴ UTGST paid =10021002=₹50 |
|