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
Learn in your speed, with individual attention - Teachoo Maths 1-on-1 Class
