The particulars regarding sale, purchase, etc., of Shubham Udyog for the last quarter of the year 2013-14 are as under: Particulars ₹ 1. Purchases of raw material within the State : (i) Taxable @ 1% 40,00,000 (ii) Taxabl

The particulars regarding sale, purchase, etc., of Shubham Udyog for the last quarter of the year 2013-14 are as under: Particulars ₹ 1. Purchases of raw material within the State : (i) Taxable @ 1% 40,00,000 (ii) Taxable @ 4% 60,00,000 (iii) Taxable @ 12.5% 10,00,000 2. Sale of goods manufactured from raw material purchased @ 4% tax rate : (i) Taxable sale within the State (tax rate 4%) 20,00,000 (ii) Exempted sale within the State 10,00,000 (iii) Sale in the course of inter-State trade or commerce (CST rate 2%) 10,00,000 3. Sale of raw material purchased @ 1% tax rate 44,00,000 4. Goods manufactured from the raw material purchased @ 12.5% tax rate were given on lease. The deemed sale price of such goods taxable @ 12.5% 12,00,000 You may assume that input tax credit of tax paid on raw material used in manufacture of leased goods is available immediately. Compute the amount of value added tax (VAT) payable by Shubham Udyog for the relevant quarter. There was no opening or closing inventory. How can Shubham Udyog utilise the balance of input tax credit, if any ?