A manufacturer produces a sewing machine for ₹ 5000 and sells it to the wholesaler for ₹ 5500. The wholesaler sells it to a dealer for ₹ 7000 and the dealer sells it to a shopkeeper for ₹ 7500. The shopkeeper makes a profit of ₹ 1000 by selling to the consumer. If GST charged at each stage is 12 %, find (i) The GST paid the manufacturer and wholesaler to the Government. (ii) The final price paid by the consumer
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Step-by-step explanation:
Mark price =Rs.5000
Manufacture sell the article to the wholesaler at a discount of =25%
Price of the article after discount=5000−
100
25
×5000
⇒5000−1250=Rs.3750
Rate of sales tax=8%
∴Tax paid by the wholesaler=8% of 3750
⇒
100
8
×3750=Rs.300
Wholesaler sell the article to retailer at a discount of 15% on M.P
price of the article after discount=5000−
100
15
×5000
⇒5000−750=Rs.4250
Rate of sales tax =8%
∴Tax paid by the retailer=8% of Rs. 4250
⇒
100
8
×4250=Rs.340
(i)VAT paid by the wholesaler
VAT=tax paid by the retailer-tax paid by the wholesaler
VAT=340−300=Rs.40
(ii)VAT paid by the Retailer
Retailer sell the article at marked price at rate of sales tax=8%
∴Tax earned by the retailer=8% of 5000
⇒
100
8
×5000=Rs.400
VAT=Tax earned by the retailer-Tax paid by the retailer
VAT=400−340=Rs.60
Mark price =Rs.5000
Manufacture sell the article to the wholesaler at a discount of =25%
Price of the article after discount=5000− 25/100×5000
⇒5000−1250=Rs.3750
Rate of sales tax=8%
∴Tax paid by the wholesaler=8% of 3750
⇒ 8/100×3750=Rs.300
Wholesaler sell the article to retailer at a discount of 15% on M.P
price of the article after discount=5000− 15/100×5000
⇒5000−750=Rs.4250
Rate of sales tax =8%
∴Tax paid by the retailer=8% of Rs. 4250
⇒ 8/100×4250=Rs.340
(i)VAT paid by the wholesaler
VAT=tax paid by the retailer-tax paid by the wholesaler
VAT=340−300=Rs.40
(ii)VAT paid by the Retailer
Retailer sell the article at marked price at rate of sales tax=8%
∴Tax earned by the retailer=8% of 5000
⇒ 8/100×5000=Rs.400
VAT=Tax earned by the retailer-Tax paid by the retailer
VAT=400−340=Rs.60
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