Question: QUESTION 2 A. Describe FOUR (4) basic features of the General Consumption Tax (GCT). (4 marks) B. The following data was taken from John

QUESTION 2 A. Describe FOUR (4) basic features of the General Consumption

QUESTION 2 A. Describe FOUR (4) basic features of the General Consumption Tax (GCT). (4 marks) B. The following data was taken from John Smith Coffee Shop for the year ending December 31 2018 Sales Purchases $ 8,500,000 $3,800 000 From the above information prepare for Mr Smith: i. Input and output tax. (6 marks) ii. GCT payable for the year. (3 marks) iii. Include THREE (3) invoices/receipts that you have obtained for purchase of items that attract GCT. (3 marks)

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