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?
View answer
| 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 |
What is Vat Payable?
View answer
| Particulars | Amount |
| Output Vat | 6750 |
| Less | |
| Input Vat | 2250 |
| Vat Payable | 4500 |
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 2.5% | 1000 | CENTRAL GST 2.5% | 50 |
| SGCT 2.5% | 1000 | STATE GST 2.5% | 50 |
| Total | 43000 | Total | 2100 |
Sales Finished Goods
| Particulars | Amount |
| SALES | 120000 |
| CGST 2.5% | 3000 |
| SGCT 2.5% | 3000 |
| Total | 126000 |
What is GST Payable
View answer
| PARTICULARS | CENTRAL GST | STATE GST | TOTAL GST |
| OUTPUT GST | 3000 | 3000 | 6000 |
| LESS | |||
| INPUT GST | 1050 | 1050 | 2100 |
| GST PAYABLE | 1950 | 1950 | 3900 |