For Local Purchase Sales

We show CGST and SGST Separately in our Computation

Taxable Value is amount on which GST is calculated

A Person Started New Business From 1 Jan

Following are Sales and Purchases of Jan to March Quarter

Purchase Amount GST Rate GST TOTAL
JAN 100000 5% 5000 105000
FEB 120000 5% 6000 126000
MARCH 60000 5% 3000 63000
  280000   14000 294000

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Sales Amount GST Rate GST TOTAL
JAN 60000 5% 3000 63000
FEB 130000 5% 6500 136500
MARCH 150000 5% 7500 157500
  340000   17000 357000

 

All Sales and Purchase are Local

Prepare Separate GST Computations for Jan,Feb and March

English Video

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Hindi Video


January

Particulars Taxable Value CGST SGST Total Tax
OUTPUT GST        
         
INPUT GST        
ADD OPENING CREDIT        
TOTAL INPUT        
         
GST PAYABLE        
OR        
GST CREDIT        

Answer

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST 60000 1500 1500 3000
         
INPUT GST 100000 2500 2500 5000
ADD OPENING CREDIT   0 0 0
TOTAL INPUT   2500 2500 5000
         
GST PAYABLE        
OR        
GST CREDIT   1000 1000 2000

 

English Video

Hindi Video


February

Particulars Taxable Value CGST SGST Total Tax
OUTPUT GST        
         
INPUT GST        
ADD OPENING CREDIT        
TOTAL INPUT        
         
GST PAYABLE        
OR        
GST CREDIT        

Answer

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST 130000 3250 3250 6500
         
INPUT GST 120000 3000 3000 6000
ADD OPENING CREDIT   1000 1000 2000
TOTAL INPUT   4000 4000 8000
         
GST PAYABLE        
OR        
GST CREDIT   750 750 1500

 

English Video

Hindi Video


March

Particulars Taxable Value CGST SGST Total Tax
OUTPUT GST        
         
INPUT GST        
ADD OPENING CREDIT        
TOTAL INPUT        
         
GST PAYABLE        
OR        
GST CREDIT        

Answer

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST 150000 3750 3750 7500
         
INPUT GST 60000 1500 1500 3000
ADD OPENING CREDIT   750 750 1500
TOTAL INPUT   2250 2250 4500
         
GST PAYABLE   1500 1500 3000
OR        
GST CREDIT        

 

English Video

Hindi Video

  1. Tax Practical
  2. Practical Training Demo

Transcript

For Local Purchase Sales We show CGST and SGST Separately in our Computation Taxable Value is amount on which GST is calculated A Person Started New Business From 1 Jan Following are Sales and Purchases of Jan to March Quarter Purchase Amount GST Rate GST TOTAL JAN 100000 5% 5000 105000 FEB 120000 5% 6000 126000 MARCH 60000 5% 3000 63000 280000 14000 294000 Sales Amount GST Rate GST TOTAL JAN 60000 5% 3000 63000 FEB 130000 5% 6500 136500 MARCH 150000 5% 7500 157500 340000 17000 357000 All Sales and Purchase are Local Prepare Separate GST Computations for Jan,Feb and March January Particulars Taxable Value CGST SGST Total Tax OUTPUT GST INPUT GST ADD OPENING CREDIT TOTAL INPUT GST PAYABLE OR GST CREDIT -a- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST 60000 1500 1500 3000 INPUT GST 100000 2500 2500 5000 ADD OPENING CREDIT 0 0 0 TOTAL INPUT 2500 2500 5000 GST PAYABLE OR GST CREDIT 1000 1000 2000 -ea- February Particulars Taxable Value CGST SGST Total Tax OUTPUT GST INPUT GST ADD OPENING CREDIT TOTAL INPUT GST PAYABLE OR GST CREDIT -a- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST 130000 3250 3250 6500 INPUT GST 120000 3000 3000 6000 ADD OPENING CREDIT 1000 1000 2000 TOTAL INPUT 4000 4000 8000 GST PAYABLE OR GST CREDIT 750 750 1500 -ea- March Particulars Taxable Value CGST SGST Total Tax OUTPUT GST INPUT GST ADD OPENING CREDIT TOTAL INPUT GST PAYABLE OR GST CREDIT -a- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST 150000 3750 3750 7500 INPUT GST 60000 1500 1500 3000 ADD OPENING CREDIT 750 750 1500 TOTAL INPUT 2250 2250 4500 GST PAYABLE 1500 1500 3000 OR GST CREDIT -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.