Lokesh Pvt. Ltd a company engaged in the manufacturing of auto parts and spares having registered office and factory located at Jaipur has got itself registered under the composition scheme for the purpose of tax under G

CS Professional · Advanced Tax Laws · PYQS · December 2021
Lokesh Pvt. Ltd a company engaged in the manufacturing of auto parts and spares having registered office and factory located at Jaipur has got itself registered under the composition scheme for the purpose of tax under GST. Company furnishes the following information/details and of the total value of supplies including inward supplies taxed under reverse charge basis for the financial year 2020-21: Particulars Amount (₹) (i) Intra-state supplies of auto spares 'V' units chargeable to GST @12% 36,00,000 (ii) Intra-state supplies of auto spares 'X' chargeable to GST @ 5% 30,00,000 (iii) Inward supplies on which tax payable under Reverse Charge having GST rate of 18% 9,60,000 (iv) Intra-state supplies wholly exempt under section 11 of CGST 16,40,000. Determine the tax liability of Lokesh Pvt. Ltd. payable under composition and the gross total tax liability for the Financial year 2020-21.

Answer & Explanation:

Computation of turnover for tax under Composition Scheme S. No. Particulars Amount (₹) 1. Intra-state supplies of Auto Spares 'V' 36,00,000 2. Intra-state supplies of Auto Spares 'X' 30,00,000 3. Inward supplies on which tax payable under Reverse Charge Mechanism (RCM) (GST Rate 18%) Nil 4. Intra-state supplies wholly exempt under section 11 of Central Goods and Services Tax Act, 2017 16,40,000 Turnover within the State 82,40,000 Rate of composite tax (CGST 0.5% + SGST 0.5%) 1% Total Composite Tax 82,400 2. Tax payable under reverse charge basis Particulars Amount (₹) Inward supplies on which tax payable under RCM of ₹9,60,000 9,60,000 Rate of GST 18% Tax payable under RCM 1,72,800 3. Total tax payable by the Company for 2020-21 Particulars Amount (₹) Under Composition 82,400 Under RCM 1,72,800 2,55,200

Topics: GST

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic