Q. 14.5( 47 Votes )
'Chetana Store' paid total GST of Rs. 1,00,500 at the time of purchase and collected GST Rs. 1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores.
Output Tax (tax collected at the time of sale) = Rs. 1,22,500
Input Tax (tax paid at the time of purchase) = Rs. 1,00,500
∴ Input Tax Credit, ITC = Rs. 1, 00, 500
We know that GST Payable = Output Tax – ITC
⇒ GST Payable by Chetana stores = 1, 22, 500 – 1, 00, 500
= Rs. 22, 000
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