Hiyakash Ltd. is a producer of certain products. The tax rate applicable on the supply of goods by them is 18%. (SGST 9% and CGST 9%). The company purchased goods worth ₹47,200 (Inclusive of Tax 18%) which is fully utili
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2018
Hiyakash Ltd. is a producer of certain products. The tax rate applicable on the supply of goods by them is 18%. (SGST 9% and CGST 9%). The company purchased goods worth ₹47,200 (Inclusive of Tax 18%) which is fully utilized in the manufacture of final products. The company sold the goods for ₹25,000 within the State and also exported the goods worth ₹8,000. The invoices are properly uploaded and matched in GSTN Portal. Calculate the tax payable by the company assuming there was no opening or closing stock of inputs or final products.
Answer & Explanation:
Calculation of tax payable by Hiyakash Limited Particulars SGST (₹) CGST (₹) Tax payable on supply of goods within the State (₹25,000 x 18/100) 2,250 2,250 Tax payable on exported goods of ₹8,000 Nil Nil Input Tax Credit availiable on purchase of goods (₹47,200/118 x 18) 3,600 3,600 Net tax payable Nil Nil Excess ITC carried forward to next period 1,350 1,350
Topics: Central Goods and Services Tax Act, 2017
Related Questions in this Topic
- Is a dealer, who is not required to be registered because he has not crossed the turnover limit, required to pay GST und...
- Briefly discuss the provisions related to Levy of late fee as per section 46 of CGST Act, 2017 on a person who fails to ...
- Explain the concept of "Zero rated and Exempt transaction" for the purpose of availment of input tax credit in GST law.
- What are the documents required to be prepared by the recipient of supplies from an unregistered person as per GST law?
- M/s Basu & Co., an Audit Firm based in Kolkata undertake an Audit assignment of a Mumbai based client. The contract with...