Currently there is no Input of Central Purchases
A LTD | C LTD | ||
Purchase | 20000 | Purchase | 120000 |
Vat 5% | 1000 | Cst 2% | 2400 |
21000 | 122400 |
XLTD | Z LTD | ||
Sale | 140000 | Sale | 30000 |
vat 5% | 7000 | Cst 2% | 600 |
147000 | 30600 |
What is vat and cst payable?
Vat Computation | CST Computation | ||
Output Vat | 7000 | Output CST | 600 |
Input Vat | 1000 | ||
Vat Payable | 6000 | CST Payable | 600 |
In Future
On Central Purchases,IGST Will be Charged which can be adjusted in this order
1. IGST on Sales
2.CGST on Sales
3.SGST on Sales
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
PURCHASES | 20000 | PURCHASES | 120000 |
CENTRAL GST 12.5% | 2500 | IGST 17.5% | 21000 |
STATE GST 5% | 1000 | GRAND TOTAL | 141000 |
Sales Bill | Sales Bill | ||
PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
SALES | 140000 | SALES | 30000 |
CENTRAL GST 12.5% | 17500 | IGST 17.5% | 5250 |
STATE GST 5% | 7000 | GRAND TOTAL | 35250 |
GRAND TOTAL | 164500 |
PARTICULARS | CENTRAL GST | STATE GST | IGST | TOTAL GST |
OUTPUT GST | 17500 | 7000 | 5250 | 29750 |
LESS | ||||
INPUT GST | 2500 | 1000 | 21000 | 24500 |
GST PAYABLE/(CREDIT) | 15000 | 6000 | -15750 | 5250 |
This GST CREDIT OF 15750 can be adjusted with Central GST first of 15000 and remaining with State GST as shown below
PARTICULARS | CENTRAL GST | STATE GST |
GST PAYABLE | 15000 | 6000 |
Less | ||
ADJUST WITH IGST | 15000 | 750 |
BALANCE PAYABLE | 0 | 5250 |
REMARKS
Input of CST is now available which is a good step and less tax is payable in this case
However,Adjustment is a little complicated and 3 different returns are to be filled in this case
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