#7 Crack Your Accounts Interview:- What is GST payable & how to pay?

#accountsadvice #todiyapatel #interviewpreparation
7. What is GST Payable and How to pay?
GST Payable = Tax Liability - Eligible ITC(Input Tax Credit)
GST Payable =(Output tax) - (Input Tax Credit)
In this formula:
Tax Liability refers to the total GST collected on sales (output tax).
Eligible Input Tax Credit (ITC) refers to the GST paid on eligible purchases.
Tax Liability (GST collected on sales) = Rs. 2,700
Eligible Input Tax Credit (ITC) (GST paid on purchases) = Rs. 1,800
Using the formula:
GST Payable = Tax Liability - Eligible Input Tax Credit (ITC)
= Rs. 2,700 - Rs. 1,800= Rs. 900
So, the GST payable amount is Rs. 900.
We will pay the amt while filling GSTR-3B return.
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Accounts advice
Diya Patel
Accounting and Compliance Mentor

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