Question

A manufacturer buys a raw material worth of Rs 4000 paying GST at the rate of 5% . He sell that finished product to A shopkeeper at that profit of 30% . If the rate of GST for the finished product is 12%. Find the tax liability of the manufacturer

Answer 1

Answer:

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5% of ₹ 4000 = ₹ (5/100×4000) = ₹200. Output GST of manufacturer = ₹ 624.

Answer 2

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Value of raw material = ₹4000,

Rate of GST on raw material = 5%

Tax paid by the manufacturer for the raw material

= 5% of ₹4000 = ₹ (5/100 × 4000) = ₹200

• Input GST of the manufacturer

for the raw material = 200

Profit of the manufacturer = 30% of ₹4000

= ₹ (30/100 × 400) = ₹1200

Selling price of the finished product = C. P ± Profit

= ₹4000 ± ₹1200 = ₹5200

Tax collected by the manufacturer from the shopkeeper for the finished product

= 12% of ₹5200

= ( 12/100 )× 5200 = ₹624

Out put GST of manufacturer = ₹ 624

Tax liability for the manufacturer =

Output GST - Input GST

= ₹624 - ₹200 = ₹424

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