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Currently Input of Service tax is available for Excise Manufacturers
However,no input of Krishi Kalyan and Swachh Bharat Cess is available

Q1

Purchase  Raw Material            Internet Bill In Office

Particulars Amount Particulars Amount
Purchase 40000 Internet Charges 2000
Excise 12.5% 5000 Service Tax @ 14% 280
Total 45000 Swachh Bharat Cess @ 0.5% 10
Vat 5% 2250 Krishi Kalyan Cess @ 0.5% 10
Total 47250 ED Payable 2300

Sales  Finished Goods

Particulars Amount
Sales 120000
Excise 15000
Total 135000
Vat 5% 6750
Total 141750

What is Excise Duty Payable?

-a-

Particulars Amount
Output Excise 15000
Less  
Input Cenvat (on Inputs) 5000
Input Cenvat (on Input Services) 280
Total Input Cenvat 5280
Excise Duty Payable 9720

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What is Vat Payable?

-a-

Particulars Amount
Output Vat 6750
Less  
Input Vat 2250
Vat Payable 4500

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Note:-

After Implementation of GST,on both Goods and Services ,Central and State GST will be applicable

Purchase Semi Finished Goods           Vodafone

Particulars Amount Particulars Amount
Purchase 40000 Internet Charges 2000
CGST 12.5% 5000 CENTRAL GST 12.5% 250
SGCT 5% 2000 STATE GST 5% 100
Total 47000 Total 2350

Sales  Finished Goods

Particulars Amount
SALES 120000
CGST 12.5% 15000
SGCT 5% 6000
Total 141000

What is  GST Payable

-a-

PARTICULARS CENTRAL GST STATE GST TOTAL GST
OUTPUT GST 15000 6000 21000
LESS      
INPUT GST 5250 2100 7350
GST PAYABLE 9750 3900 13650

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  1. GST - Goods and Services Tax, India
  2. GST Impact
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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