Question

A company provided Z-security services for the taxable value of Rs.64,500. Rate of GST is 18%. Company had paid GST of Rs.1550 for laundry services and uniforms etc. What is the amount of ITC (input Tax Credit)? Find the amount of CGST and SGST payable by the company.

Answer 1

Output tax = 18% of 64500 

= (18/100) × 64500 

= Rs.11610 

Input tax = Rs.1550 

GST payable = Output tax – ITC 

= 11610 – 1550 

∴ GST payable = Rs.10060 

SGST = CGST = (GST payable) / 2

= 10060/2

= Rs. 5030

∴ Amount of ITC is Rs.1550. Amount of CGST and SGST payable by the company is Rs.5030 each.