In case of Intra-state supply of goods and services state)
In case of purchase returns, Input CGST A/c and Input SGST A/cs are credited because a t the time of purchase Input CGST A/c and Input SGST A/cs were debited .
In case of sales returns, Output CGST A/c and Output SGST A/cs are debited because at the time of sale Output CGST A/c and O utput SGST A/cs were credited.
(vii) For Income (for example commission received)
(viii) For goods withdrawn by the Proprietor for personal use:
(ix) For goods given as free samples, loss of goods by fire or goods stolen:
(Goods distributed as free samples, goods stolen and goods destroyed by fire and Input CGST and Input SGST reversed)
(x) For Setting off Input CGST against Output CGST:
(xi) For setting off Input SGST against Output SGST:
(xii) For payment o f GST:
Practical Questions
Q1: Rohan, a Chartered Accountant has a registered office in Chandigarh. He also obtained registration in the state of West Bengal in respect of his newly opened branch office. Whether head office or branch office will be treated as deemed distinct person.
View AnswerAns: Yes, Office will be treated as deemed distinct person.
Q2: Vasu Ltd. Provides the following particulars relating to good supplied to it by Agni Ltd.
Vasu Ltd. Offers 3% discount of the list price of the goods which is recorded in theinvoice for the goods.
Determine the value of taxable supplies made by Vasu Ltd.
Ans: Value: 87,720
Q3: Vanika Advertisers conceptualized and designed the advertising campaign for a new product launched by New Moon Pvt. Ltd. for a consideration of Rs. 7,00,000. Vanika Advertisers owed Rs. 25,000 to one of its vendors in relation to the advertising service provided by it to New Moon Pvt. Ltd. Such liability of Vasu Advertisers was discharged by New Moon Pvt. Ltd. New Moon Pvt. Ltd. Delayed the payment of consideration and thus, paid Rs. 18,000 as interest.
Determine the value of taxable supply by Vasu Advertisers.
Ans: Value: 7,43,000
Q4: Candy Rose Ltd., Mumbai, a registered supplier, is manufacturing chocolates and biscuits. It provides the following details of taxable inter-state supply made by it for the month of October, 20xx
a) Tax levied by Municipal Authority: Rs. 24,000
b) Packing charges: Rs. 12,000c)
c) Late fee paid by the recipient of supply for delayed payment of invoice: Rs. 5,000
Calculate the value of taxable supply made by M/s Candy Rose Ltd. for the month of October 20xx.
View AnswerAns: Value : Alternate 1: 13,06,000 Alternate 2: 13,11,000
Q5: M/s RT Ltd. supplied taxable goods from the factory after manufacture in the month of October 2017 for sale to a distributor for Rs. 8,00,000. However, he deposited the GST @ 12% of the goods on 10 Jan 2018 against show cause notice issued undersection 74 (when there is a fraud) of the CGST Act, 2017 by the Central tax Officer and passed the order accordingly. During the month of December 2017, M/s X Ltd. received goods worth Rs. 5,00,000by paying GST 12%.
(a) Find the Net GST deposited by M/s RT Ltd. into the Government account on 10 Jan 2018
(b) Your answer is different if M/s RT Ltd. paid GST @ 12% against show causenotice issued under section 73 (when there is no fraud)
(c) Rework, M/s RT Ltd. paid output tax by following self-assessment (i.e. whenthere is no show cause notice issued), what will the GST payable?
Ans:
a) Net GST Liability: CGST – 48,000, SGST – 48,000
b) Net GST Liability: CGST – 18,000, SGST – 18,000
c) Net GST Liability: CGST – 18,000, SGST – 18,000
Q6: Sharma Traders is a registered supplier of goods in Arunachal Pradesh. It purchasedgoods valued at Rs. 10,000 from Kiran Suppliers located within the same state. KiranSuppliers charged CGST and SGST separately in its invoice. Subsequently, SharmaTraders sold goods valuing Rs. 9,500 to Rashtogi Manufacturers located in ArunachalPradesh. 20% of the inputs purchased are still lying in the stock and there was noopening stock of the goods. Rate of CGST and SGST on supply and purchase of goods is 9% each.
Calculate the net GST payable by Sharma Traders and input tax credit (ITC) to be carried forward, if any.
Ans:
Net GST Payable: CGST – Nil, SGST – Nil
ITC C/F: CGST – 45, SGST - 4
Q7: Determine the time of supply in the following independent cases, in case supply does not involve the movement of goods:
TOS:
1. 2nd OCT
2. 1st OCT
3. 4th NOV
Q8: Determine the time of supply from the following particulars:
Ans:
TOS: Rs. 3,000 (6th May) & For Rs. 12,000 is 15th Sep
Q9: On July 7, 20xx, Y supplies 27 tonnes of a chemical to G at the rate of Rs. 88,000per ton. Compute the value of supply and GST liability for the following data:
Ans: Value: 29,23,000 and CGST: 2,63,070, SGST: 2,63,070
Q10: The Customs Authorities have confiscated smuggled gold from Mr. Jindal. Theconfiscated gold these goods Sold to Tanishq Jewellers of Delhi for Rs. 30,00,000.Applicable rate of GST is 18%. You are required to compute the following:
(i) Person liable to pay GST
(ii) Net GST liability
Ans:
i) Tanishq Jewellers.
ii) 5,40,00
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1. What is Goods and Services Tax (GST) and how does it work? |
2. What are the different types of GST? |
3. How does GST affect pricing of goods and services? |
4. Who is required to register for GST? |
5. What are the key benefits of implementing GST? |
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