A retailer buys a TV from a wholesaler for Rs 40000 He marks the price of the TV 15 above his cost p...

Question

A retailer buys a TV from a wholesaler for Rs 40000. He marks the price of the

T.V. 15% above his cost price and sells it to a consumer at 5% discount on the

marked price. If the sales are intra-state and the rate of GST is 12%, find:

(i) The marked price of the TV.

(ii) The amount which the consumer pays for the TV.

(iii) The amount of tax (under GST) paid by the retailer to the Central Government.

(iv) The amount of tax (under GST) received by the State Government.

Accepted Answer

It is a case of intrastate transaction of goods and services SGST CGST GST Given i The marked price of the TV It is given that CP of TV for retailer 40000 Marked price of TV 40000 15 of 40000 40000 15100 40000 40000 6000 46000 ii The amount which the consumer pays for the TV It is given that Discount given by retailer 5 of 46000 5100 46000 2300 Amount paid by consumer without GST for TV 46000 2300 43700 Rate of GST 12 Amount of GST paid by consumer 12 of 43700 12100 43700 5244 Amount which consumer pays for TV 43700 5244 48944 iii The amount of tax under GST paid by the retailer to the Central Government CGST paid by shopkeeper 6 of 40000 6100 40000 2400 SGST paid by shopkeeper 6 of 40000 2400 Shopkeeper sells the article to consumer 43700 GST collected by shopkeeper 12 of 43700 12100 43700 5244 CGST of shopkeeper SGST 6 of 43700 6100 43700 2622 The amount of tax under GST paid by the retailer to the Central Government 2622 2400 222 iv The amount of tax under GST received by the State Government SGST paid by wholesaler SGST paid by shopkeeper 2400 222 2622

ML Aggarwal Solutions Class 10 Mathematics Solutions for GST Exercise 1 in Chapter 1 - GST