Mathematics
A cycle manufacturer in Ghaziabad (UP) sold a cycle to a dealer in Agra (UP) for ₹ 16,000. This cycle was then sold to a dealer in Ujjain (M.P) for ₹ 17,500. If the GST rate for cycle is 12%, calculate
(i) the net GST payable at Agra
(ii) Input Tax Credit for the dealer in Ujjain
GST
3 Likes
Answer
(i) Given:
Cost price of cycle for dealer in Agra = ₹ 16,000
Selling price of cycle for Dealer in Agra = ₹ 17,500
GST rate = 12%
GST on purchase for dealer in Agra (intra-state) :
CGST = 6% of ₹ 16,000
= ₹ 960
SGST = 6% of ₹ 16,000
= ₹ 960
Total GST paid by Agra dealer = ₹ 960 + ₹ 960 = ₹ 1,920
GST on sale for Agra dealer (inter-state)
Value = ₹ 17,500
IGST = 12% of ₹ 17,500
=
= ₹ 2,100
Total GST charged by Agra dealer = ₹ 2,100.
Net GST Payable at Agra = GST charged - GST paid
= ₹ 2,100 - ₹ 1,920
= ₹ 180.
Hence, Net GST payable at Agra = ₹ 180.
(ii) Dealer in Ujjain bought the cycle for ₹ 17,500 and paid ₹ 2,100 IGST.
This IGST paid on the purchase becomes the Input Tax Credit (ITC) for the dealer in Ujjain.
Hence, Input Tax Credit for the dealer in Ujjain = ₹ 2,100.
Answered By
1 Like
Related Questions
A shopkeeper bought an air conditioner at a discount of 20% from a wholesaler, the printed price of the air conditioner being ₹ 28,000. The shopkeeper sells it to a consumer at a discount of 10% on the printed price. If the GST rate is 18%, find
(i) the CGST and SGST payable by the shopkeeper to the Government.
(ii) the total amount paid by the consumer for the air conditioner.
[Assume that all transactions occurred in the same state]
A dealer in Delhi supplied several items to another dealer in Delhi and these items fall into different GST slabs. Find the total amount of bill if the details of the supplied items are as given below:
Item Quantity (No. of pieces) Rate per piece MRP (in ₹) Discount Allowed GST Rate A 40 100 15% 8% B 50 80 20% 12% C 150 40 10% 18% D 160 50 5% 5% In a GST chain, a dealer Mr. Shah purchases an article for ₹ 50,000 and supplies it to another dealer Mr. Paresh at a profit of ₹ 6,000. Mr. Paresh sells it to a consumer Mrs. Gupta at a profit of ₹ 4,000. If the rate of GST is 18% and if all transactions were intrastate, calculate
(i) ITC for Mr. Shah
(ii) Input Tax payable by Mr. Paresh
(iii) Total cost price of the article for Mrs. Gupta
(iv) Output GST for Mrs. Gupta
A registered dealer M/s Aniket and Sons Ltd. purchased goods for ₹ 24,00,000 and sold them for ₹ 27,50,000, within the state. If the GST rate is 18%, find the net CGST and SGST payable by the dealer.