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Ballet Pte Ltd acquired the following items of plant and Machinery, all from GST registered traders except paper shredder, which was purchased from a non registered trader for the quarter ended 31 March 2020
Ballet Pte Ltd acquired the following items of plant and Machinery, all from GST registered traders except paper shredder, which was purchased from a non registered trader for the quarter ended 31 March 2020.
| Description | cost (inclusive of 7% GST) |
| Canon Printer | $3,959 |
| Paper Shredder | $2,880 |
| Boutique table | $984.40 |
| Machinery | $11,877 |
What is the value of input tax that can be claimed by Ballet Pte Ltd for the last quarter ended 31 March 2020?
a. $15,720
b. $323.40
c. $3,980.40
d. $1100.40
Expert Solution
Answer - The answer to this question is option (d) $1100.40.
The reason is -
Input tax can be claimed from only those items which are purchased from GST Registered company.
Therefore items eligible for input tax claim are -
Canon Printer - $3,959
Boutique Table - $984.40
Machinery - $11,877
Total Sum = $16,820.4
Now GST is already included in this amount(7% inclusive)
So Amount of Input Tax will be = (7× $16,820.4) / 107 = $1,100.4
So, (d) is the final answer.
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