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Smt Malhotra purchased solar panels for ...

Smt Malhotra purchased solar panels for the taxable value Rupees 85000. She soldthem for Rupees 90000. The rate of GST is 5%. Find the ITC of Smt Malhotra . What is the amountof GST payable by her ?

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The correct Answer is:
Smt Malhotra will get Rupees 4250 as ITC. She will have to pay Rupees 250 as GST.
The tax paid at the time of purchase
`= Rupees 85000xx ( 5)/( 100) = Rupees 4250`
`:. `input tax `= Rupees 4250 ` `:. ITC = Rupees 4250`
Output tax `= Rupees 90000 xx ( 5)/( 100) = Rupees 4500`
PayableGST = Output tax - ITC
`= Rupees ( 4500- 4250 ) = Rupees 250`
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