M/s. Jay Chemicals purchased a liquid soap having taxable value ₹ 8,000 and sold it to the consumers for the taxable value ₹ 10,000. Rate of GST is 18%. Find the CGST and SGST payable by M/s. Jay Chemicals.Activity :Input Tax \(= 18\%\) of 8000 \(= \…

Q.3 (A)(i) M/s. Jay Chemicals purchased a liquid soap having taxable value ₹ 8,000 and sold it to the consumers for the taxable value ₹ 10,000. Rate of GST is 18%. Find the CGST and SGST payable by M/s. Jay Chemicals.

Activity :

Input Tax \(= 18\%\) of 8000 \(= \dfrac{\text{____}}{100} \times 8000 = \) ₹ ____

\(\therefore\) ITC \(= \) ₹ 1440

Output Tax \(= 18\%\) of 10,000 \(= \dfrac{18}{100} \times \) ____ \(= \) ₹ ____

\(\therefore\) GST payable = Output tax – ____ \(= \) ____ \(- 1440 = \) ₹ 360

\(\therefore\) Payable CGST = ₹ 180 and Payable SGST = ₹ 180 by M/s. Jay Chemicals.