Question

A baker bakes a cake and the cost of raw
materials is Rs. 1000. Assuming the rate of
GST is 15% and the profit ratio 40% ,
calculate GST.

Answer 1

Answer:

according to question gst is ₹90

Answer 2

Given : A baker bakes a cake and the cost of raw materials is Rs. 1000. Assuming the rate of GST is 15% and the profit ratio 40% ,

To Find :   GST to be paid by Baker  to Government

Solution:

: A baker bakes a cake and the cost of raw materials is Rs. 1000.

GST = (15/100) 1000 = 150  Rs

profit ratio 40%

Hence profit = (40/100)1000 = Rs 4000

SP = 1000 + 400 = 1400 Rs

GST = (15/100)1400  = Rs 210

GST to be paid to government = GST collected - ITC

ITC = input tax credit =  Rs 150

= 210 - 150

= Rs 60

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