Mathematics
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.
GST
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Answer
Given:
Purchase price = ₹ 24,00,000
Selling price = ₹ 27,50,000
GST rate = 18%
CGST rate = SGST rate = = 9%.
Transactions are intra-state, so CGST and SGST are applicable.
Output GST is charged on the selling price.
Output CGST = 9% of ₹ 27,50,000
= ₹ 2,47,500
Output SGST = 9% of ₹27,50,000
= ₹ 2,47,500
Input GST is paid on the purchase price.
Input CGST = 9% of ₹ 24,00,000
= ₹ 2,16,000
Input SGST = 9% of ₹24,00,000
= ₹ 2,16,000
Net CGST payable = Output CGST – Input CGST = ₹ 2,47,500 – ₹ 2,16,000 = ₹ 31,500
Net SGST payable = Output SGST – Input SGST = ₹ 2,47,500 – ₹ 2,16,000 = ₹ 31,500
Hence, Net CGST Payable = Net SGST Payable = ₹ 31,500.
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