How to do-

Step 1  Download both files and Save in a Folder

 
  Step 2   Read theory pdf file
 
Step 3  Solve Excel File
 
Step 4  Match your excel with Answer given on website
 
(if you are not able to understand, watch videos  )

Learn GST Theory Basics Video 

English Video

 

 

Hindi Video

 

What is output GST?

Gst On Sales Is Called Output Gst

 

What is Input GST?

Gst On Purchase Is Called Input Gst

 

What is GST Payable?

GST Payable is Output-Input

 

Difference between GST Payable and GST Credit

GST PAYABLE GST Credit
If output is more than Input,we get GST Payable If Input is more than Output,we get GST Credit
We need to deposit this tax by filling challan No need to Deposit Tax. This Credit is added to Input of Next Month

 

What is GST Challan?

It is a form used to pay tax

It is to be fillled in case of GST Payable

 

What is GST Return?

It is a form containing details of Sales, Purchase, Input and Output)

It is to be filled in all cases (even if no sale purchase made)


Suppose in January

A shopkeeper has following Sales Purchase

Particular Amount
Purchase 100000
IGST 5% 5000
Total 105000

 

Particular Amount
Sales 140000
IGST 5% 7000
Total 147000

 

Calculate
Output IGST  
Input IGST  
GST Payable  

Answer

Particular Amount
Output IGST 7000
Input IGST 5000
GST Payable 2000

 

English Video

 

Hindi Video


Now in February

The shopkeeper has following Sales Purchase

Particular Amount
Purchase 200000
IGST 5% 10000
Total 210000

 

Particular Amount
Sales 180000
IGST 5% 9000
Total 189000

 

Calculate
Output IGST  
Input IGST  
GST Payable  
GST Credit  

Answer

Particular Amount
Output IGST 9000
Input IGST 10000
GST Payable  
GST Credit 1000

 

English Video

 

Hindi Video


Now in March

GST Credit of one Month is added to Input of Second Month

The shopkeeper has following Sales Purchase

Particular Amount
Purchase 400000
IGST 5% 20000
Total 420000

 

Particular Amount
Sales 300000
IGST 5% 15000
Total 315000

 

Calculate

Particular Amount
Output IGST  
   
Input IGST  
Add Opening IGST  
Total Input  
   
GST Payable  
GST Credit  

Answer

Particular Amount
Output IGST 15000
   
Input IGST 20000
Add Opening IGST 1000
Total Input 21000
   
GST Payable  
GST Credit 6000

 

In Which Months, Do We need to Pay Challan

Answer

January

 

In Which Months, Do We need to File GST Return?

Answer

  1. January
  2. February
  3. March

 

English Video

 

Hindi Video

  1. Tax Practical
  2. Practical Training Demo

Transcript

What is output GST? Gst On Sales Is Called Output Gst What is Input GST? Gst On Purchase Is Called Input Gst What is GST Payable? GST Payable is Output-Input Difference between GST Payable and GST Credit GST PAYABLE GST Credit If output is more than Input,we get GST Payable If Input is more than Output,we get GST Credit We need to deposit this tax by filling challan No need to Deposit Tax.This Credit is added to Input of Next Month What is GST Challan? It is a form used to pay tax It is to be fillled in case of GST Payable What is GST Return? It is a form containing details of Sales,Purchase,Input and Output) It is to be filled in all cases (even if no sale purchase made) Suppose in January A shopkeeper has following Sales Purchase Particular Amount Purchase 100000 IGST 5% 5000 Total 105000 Particular Amount Sales 140000 IGST 5% 7000 Total 147000 Calculate Output IGST Input IGST GST Payable -a- Particular Amount Output IGST 7000 Input IGST 5000 GST Payable 2000 -ea- Now in February The shopkeeper has following Sales Purchase Particular Amount Purchase 200000 IGST 5% 10000 Total 210000 Particular Amount Sales 180000 IGST 5% 9000 Total 189000 Calculate Output IGST Input IGST GST Payable GST Credit -a- Particular Amount Output IGST 9000 Input IGST 10000 GST Payable GST Credit 1000 -ea- GST Credit of one Month is added to Input of Second Month Now in March The shopkeeper has following Sales Purchase Particular Amount Purchase 400000 IGST 5% 20000 Total 420000 Particular Amount Sales 300000 IGST 5% 15000 Total 315000 Calculate Particular Amount Output IGST Input IGST Add Opening IGST Total Input GST Payable GST Credit -a- Particular Amount Output IGST 15000 Input IGST 20000 Add Opening IGST 1000 Total Input 21000 GST Payable GST Credit 6000 -ea- In Which Months, Do We need to Pay Challan -a- January -ea- In Which Months, Do We need to File GST Return? -a- January February March -ea-

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.