Smt. Malhotra purchased solar panels for the taxable value of $R s . 85, 000$ . She sold them for $R s . 90, 000$ . The rate of GST is $5$ %. Find the ITC of Smt. Malhotra. What is the amount of GST payable by her?

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Solution

Taxable purchase value of her solar panels = Rs $85, 000$
Rate of GST = $5$ %
$∴$ Input tax credit (ITC) = $5$ % of Rs $85, 000$
= $\frac{5}{100} \times 85000 =$ Rs $4, 250$
Selling price of the solar panels = Rs $90, 000$
$∴$ Output tax = $5$ % of Rs $90, 000$
= $\frac{5}{100} \times 90000$ = Rs $4, 500$
amount of GST payable = Output tax - input tax (ITC)
= Rs $4, 500$ - Rs $4, 250$ = Rs $250$
Thus, the amount of ITC is Rs $4, 250$ and the amount of GST payable by Smt. Malhotra is Rs $250$ .

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Smt. Malhotra purchased solar panels for the taxable value of Rs.85,000. She sold them for Rs.90,000. The rate of GST is 5%. Find the ITC of Smt. Malhotra. What is the amount of GST payable by her?

Smt. Malhotra purchased solar panels for the taxable value of $R s . 85, 000$ . She sold them for $R s . 90, 000$ . The rate of GST is $5$ %. Find the ITC of Smt. Malhotra. What is the amount of GST payable by her?