Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 5: Mr. Ajay, a registered supplier of goods, pays GST under regular scheme and provides the following information for the month of March 2020:
Question 5: Mr. Ajay, a registered supplier of goods, pays GST under regular scheme and provides the following information for the month of March 2020: Particulars (i) Inter-state taxable supply of goods 10,00,000 (ii) Intra state taxable supply of goods 2,00,000 (iii) Intra state purchase of taxable goods 5,00,000 He has the following Input tax credit at the beginning of March 2020: Nature ITC Amount in CGST 20,000 SGST 30,000 IGST 25,000 Rate of CGST, SGST and IGST are 9%,9% and 18%respectively. Both inward and outward supplies are exclusively of taxes wherever applicable. All the conditions necessary for availing the ITC have been fulfilled. Compute the net GST payable by Mr. Ajay for the month of March 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started