A, a supplier of goods, pays GST under regular scheme. He is not eligible for any threshold exemption. He has made the following outward/inward taxable supplies in a tax period: Sr. No. Particulars Amount (₹) 1. Intersta
CS Executive · Tax Laws · PYQS · June 2019
A, a supplier of goods, pays GST under regular scheme. He is not eligible for any threshold exemption. He has made the following outward/inward taxable supplies in a tax period: Sr. No. Particulars Amount (₹) 1. Interstate supply of goods 10,00,000 2. Intrastate supply of goods 2,00,000 3. Intrastate purchase of goods 5,00,000 Mr. A has the following ITC's with him at the beginning of the tax period : Amount (₹) CGST 20,000 SGST 20,000 IGST 25,000 Note: Rate of CGST, SGST & IGST is 9%, 9% and 18% respectively. Both inward and outward supplies are exclusive of taxes, wherever applicable. All the conditions necessary for availing ITC have been fulfilled. Compute the NET GST payable by Mr. A during the tax period. Make suitable assumptions as required.
Answer & Explanation:
Computation of GST payable by Mr. A on outward supplies S. No. Particulars GST (₹) 1 Inter-state supply of goods IGST @ 18% on ₹10,00,000 1,80,000 2 Intra-state supply of goods CGST @9% on ₹2,00,000 18,000 SGST @9% on ₹2,00,000 18,000 36,000 Total GST payable 2,16,000 Computation of total input tax credit (ITC) Particulars CGST @9% (₹) SGST @9% (₹) IGST@18% (₹) Opening ITC 20,000 20,000 25,000 ITC on intra-state purchase of goods ₹5,00,000 45,000 45,000 - Total ITC 65,000 65,000 25,000 Computation of GST payable from cash ledger Particulars CGST (₹) SGST (₹) IGST (₹) GST Payable 18,000 18,000 1,80,000 Less: ITC 65,000 65,000 25,000 47,000 (Surplus) 47,000 (Surplus) 1,55,000 CGST (-) 47,000 SGST (-) 47,000 Net IGST Payable = 61,000
Topics: GST
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