Q 1
TAX ON SALES IS OUTPUT Tax On Sales Is Output
Sales Local 100000 TAX ON PURCHASE IN INPUT Tax On Purchase In Input
Purchase Local 60000 IF OUTPUT IS MORE THAN INPUT,DIFF IS GST PAYABLE If Output Is More Than Input,Diff Is Gst Payable
IF INPUT IS MORE THAN OUTPUT,DIFF IS GST CREDIT If Input Is More Than Output,Diff Is Gst Credit
GST Rate 5%
Calculate GST Payable
GST Computation Format:-
PARTICULARS TAXABLE VALUE CGST SGST TOTAL TAX
TAX ON OUTWARD SUPPLIES (OUTPUT GST) 100000 2500 2500 5000
INPUT TAX CREDIT(INPUT GST) 60000 1500 1500 3000
GST PAYABLE (BY CASH) 1000 1000 2000
OR
GST CREDIT CARRY FORWARD
Made by
Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.