Tax Extra Case

8000 kg Plastic Purchased @ 40 each(GST Extra)

7000 kg Plastic are sold @ 50 each (Gst Extra)

Tax on Goods is 28%

Complete Following Tables

Particulars QTY RATE AMT
PURCHASE      
ADD CGST      
ADD SGST      
TOTAL      

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Answer

Particulars QTY RATE AMT
PURCHASE 8000 40 320000
ADD CGST   14% 44800
ADD SGST   14% 44800
TOTAL     409600

 

Particulars QTY RATE AMT
SALES      
ADD CGST      
ADD SGST      
TOTAL      

Answer

Particulars QTY RATE AMT
SALES 7000 50 350000
ADD CGST   14% 49000
ADD SGST   14% 49000
TOTAL     448000

 

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST        
INPUT GST        
GST PAYABLE        

Answer

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST 350000 49000 49000 98000
INPUT GST 320000 44800 44800 89600
GST PAYABLE   4200 4200 8400

 

Tax Inclusive Case

8000 kg Plastic Purchased @ 40 each(GST Inclusive)

7000 kg Plastic are sold @ 50 each (Gst Inclusive)

Tax on Goods is 28%

Complete Following Tables

Particulars QTY RATE AMT
PURCHASE      
ADD CGST      
ADD SGST      
TOTAL      

Answer

Particulars QTY RATE AMT
PURCHASE 8000 31.25 250000
ADD CGST   14% 35000
ADD SGST   14% 35000
TOTAL     320000

 

Particulars QTY RATE AMT
SALES      
ADD CGST      
ADD SGST      
TOTAL      

Answer

Particulars QTY RATE AMT
SALES 7000 39.0625 273437.5
ADD CGST   14% 38281.25
ADD SGST   14% 38281.25
TOTAL     350000

 

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST        
INPUT GST        
GST PAYABLE        

Answer

Particulars TAXABLE VALUE CGST SGST Total Tax
OUTPUT GST 273437.5 38281.25 38281.25 76562.5
INPUT GST 250000 35000 35000 70000
GST PAYABLE   3281.25 3281.25 6562.5

 

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Transcript

Tax Extra Case 8000 Items Purchased @ 40 each(GST Extra) Same are sold @ 50 each (Gst Extra) Tax on Goods is 28% Complete Following Tables Particulars QTY RATE AMT PURCHASE ADD CGST ADD SGST TOTAL -a- Particulars QTY RATE AMT PURCHASE 8000 40 320000 ADD CGST 14% 44800 ADD SGST 14% 44800 TOTAL 409600 -ea- Particulars QTY RATE AMT SALES ADD CGST ADD SGST TOTAL -a- Particulars QTY RATE AMT SALES 8000 50 400000 ADD CGST 14% 56000 ADD SGST 14% 56000 TOTAL 512000 -ea- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST INPUT GST GST PAYABLE -a- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST 400000 56000 56000 112000 INPUT GST 320000 44800 44800 89600 GST PAYABLE 11200 11200 22400 -ea- Tax Inclusive Case 8000 Items Purchased @ 40 each (GST incclusive) Same are sold @ 50 each (GST Inclusive) Tax on Goods is 28% Complete Following Tables Particulars QTY RATE AMT PURCHASE ADD CGST ADD SGST TOTAL -a- Particulars QTY RATE AMT PURCHASE 8000 31.25 250000 ADD CGST 14% 35000 ADD SGST 14% 35000 TOTAL 320000 -ea- Particulars QTY RATE AMT SALES ADD CGST ADD SGST TOTAL -a- Particulars QTY RATE AMT SALES 8000 39.0625 312500 ADD CGST 14% 43750 ADD SGST 14% 43750 TOTAL 400000 -ea- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST INPUT GST GST PAYABLE -a- Particulars TAXABLE VALUE CGST SGST Total Tax OUTPUT GST 312500 43750 43750 87500 INPUT GST 250000 35000 35000 70000 GST PAYABLE 8750 8750 17500 -ea-

About the Author

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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.