A dealer supplied automobile spare parts worth ₹ 7,00,000 in interstate transactions and worth another ₹ 5,00,000 in transactions within the state. The total value of his receipts of spare parts in interstate transactions was ₹ 11,00,000. Find the net IGST, CGST and CGST payable by him, if the rate of GST is 28%.

A manufacturing company in Faridabad (Haryana) marks a machine at ₹ 2,40,000. It sells a machine to a dealer in Delhi at a discount of 25% on the marked price. The dealer sells it to a consumer in Kerala at a discount of 10% on the marked price. If the rate of GST is 12%, calculate the net IGST, CGST and SGST payable by the dealer.

IGST is charged on :

1. interstate transaction

2. intrastate transaction

3. both (1) and (2)

4. none of these

ITC stands for :

1. Income Tax Calculations

2. Input Tax Credit

3. Instant Tax Credit

4. None of these