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Calculate the tax liability of ankur ltd from the following information purchase of ashok ltd and all these inputs are used for manufacture of final product value of goods 26000 gst central tax 6% sales of ashok ltd sales value of good 40000 cgst 2.5% and sgst 2.5%?
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Calculate the tax liability of ankur ltd from the following informatio...
Calculation of Tax Liability of Ankur Ltd


Purchase of Ashok Ltd


  • Value of Goods: 26000

  • GST Central Tax: 6%



Sales of Ashok Ltd


  • Sales Value of Goods: 40000

  • CGST: 2.5%

  • SGST: 2.5%



Explanation

Ankur Ltd has purchased Ashok Ltd and all the inputs purchased from Ashok Ltd are used for the manufacture of the final product. The value of goods purchased from Ashok Ltd is 26000 and the GST Central Tax is 6%. This means that the tax liability on the purchase of goods from Ashok Ltd is:



  • Tax Liability = Value of Goods * GST Central Tax

  • Tax Liability = 26000 * 6%

  • Tax Liability = 1560



On the other hand, Ankur Ltd has sold goods worth 40000 and the CGST and SGST applicable on the sales are 2.5% each. This means that the tax liability on the sales of goods is:



  • Tax Liability = (CGST + SGST) * Sales Value of Goods

  • Tax Liability = (2.5% + 2.5%) * 40000

  • Tax Liability = 2000



Therefore, the total tax liability of Ankur Ltd is:



  • Total Tax Liability = Tax Liability on Purchase of Goods + Tax Liability on Sales of Goods

  • Total Tax Liability = 1560 + 2000

  • Total Tax Liability = 3560



Conclusion

Ankur Ltd has a tax liability of 3560 based on the purchase and sales of goods from and to Ashok Ltd.
Community Answer
Calculate the tax liability of ankur ltd from the following informatio...
Tax liability:CGST:560
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Calculate the tax liability of ankur ltd from the following information purchase of ashok ltd and all these inputs are used for manufacture of final product value of goods 26000 gst central tax 6% sales of ashok ltd sales value of good 40000 cgst 2.5% and sgst 2.5%?
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Calculate the tax liability of ankur ltd from the following information purchase of ashok ltd and all these inputs are used for manufacture of final product value of goods 26000 gst central tax 6% sales of ashok ltd sales value of good 40000 cgst 2.5% and sgst 2.5%? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Calculate the tax liability of ankur ltd from the following information purchase of ashok ltd and all these inputs are used for manufacture of final product value of goods 26000 gst central tax 6% sales of ashok ltd sales value of good 40000 cgst 2.5% and sgst 2.5%? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate the tax liability of ankur ltd from the following information purchase of ashok ltd and all these inputs are used for manufacture of final product value of goods 26000 gst central tax 6% sales of ashok ltd sales value of good 40000 cgst 2.5% and sgst 2.5%?.
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