A manufacturer marks an article for Rs 5000. He sells it to a whole seller at a discount of 25% on the marked price and the whole seller sells it to a retailer at a discount of 15% on the marked price. The retailer sells it to a customer at the marked price. If the sales are intra state and the rate of GST is 12%. Find the central goods and service tax recieved by central and state government from the a: wholesaler b: retailer.
Answers
GST Received by Centeral government = State government from Whole seller = Rs 30 & from Retailer = Rs 45
Step-by-step explanation:
A manufacturer marks an article for Rs 5000
manufacturer sells it to a whole seller at a discount of 25%
=> Discount = (25/100) 5000 = Rs 1250
Selling Price = 5000 - 1250 = Rs 3750
12% GST = 6% CGST + 6%SGST
CGST = SGST = (6/100) * 3750 = Rs 225
whole seller sells it to a retailer at a discount of 15% on the marked price.
=> Discount = (15/100) 5000 = Rs 750
Selling Price = 5000 - 750 = Rs 4250
CGST = SGST = (6/100) * 4250 = Rs 255
CGST & SGST Paid by Whole seller = GST - ITC ( input Tax credit)
CGST = SGST = 255 - 225 = Rs 30
The retailer sells it to a customer at the marked price.
Selling Price = 5000 Rs
CGST = SGST = (6/100) * 5000 = Rs 300
CGST & SGST Paid by Retailer = GST - ITC ( input Tax credit)
CGST = SGST = 300 - 255 = Rs 45
GST Received by Centeral government = State government from
Whole seller = Rs 30 & from Retailer = Rs 45
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