Balram, a registered supplier, furnishes the following details pertaining to the month of October, 2017 (first month of starting of business): Particulars Amount (₹) Purchases of goods within the State 8,00,000 Purchases

CS Professional · Advanced Tax Laws and Practice · PYQS · June 2018
Balram, a registered supplier, furnishes the following details pertaining to the month of October, 2017 (first month of starting of business): Particulars Amount (₹) Purchases of goods within the State 8,00,000 Purchases of goods from outside the State 10,00,000 Inter State Sales 6,00,000 Intra State Sales 12,50,000 The rates of taxes for the goods supplied are as under: Particulars Rate CGST 6% SGST 6% IGST 12% Compute the GST payable by the supplier Balram for the month of October, 2017.

Answer & Explanation:

Computation of GST Liability of Balram for October 2017 Particulars Amount (₹) Inter-State Sales (12% on 600000) 72000 Less: ITC on Purchases of goods from outside the State of ₹ 10,00,000 (12% on 10,00,000) 120000 Excess credit in IGST available for set off 48000 Particulars SGST (₹) CGST (₹) GST on Intra State Sales (1250000 x 6% each for SGST & CGST) 75000 75000 Less: Input tax credit on purchases of goods from within state (800000 x 6% each for SGST & CGST) 48000 48000 Balance liability of tax payable 27000 27000 Less: Credit in IGST available for cross set off 21000 27000 Balance tax payable 6000 Nil

Topics: GST

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