A manufacturer sells a washing machine to wholesaler for rupees 15000 wholesaler sell situated at a profit of rupees 12000 and trader sells it to a consumer at a profit of rupees 1800 if all the cells are interested and rate of GST 12% find:
(i) the amount of Tax under GST received by the state government from the wholesaler.
(ii) the amount of Tax under GST received by the central government for the trader.
(iii) the amount that the consumer pays for the machine.
Answers
Given : A manufacturer sells a washing machine to wholesaler for rupees 15000 wholesaler sell at a profit of rupees 1200 and trader sells it to a consumer at a profit of rupees 1800
All transaction intra state .
GST = 12 %
To Find : (i) the amount of Tax under GST received by the state government from the wholesaler.
(ii) the amount of Tax under GST received by the central government for the trader.
(iii) the amount that the consumer pays for the machine.
Solution:
A manufacturer sells a washing machine to wholesaler = Rs 15000
GST 12 %
CGST = SGST = GST/2 = 12/2 = 6 %
CGST = SGST = (6/100) * 150000 = Rs 900
wholesaler sell at a profit of rupees = Rs 1200
Selling amount = Rs 15000 + 1200 = Rs 16200
CGST = SGST = (6/100) * 16200 = Rs 972
amount of Tax under GST received by the state government from the wholesaler. = SGST Received - ITC ( ITC - Input tax credit )
= 972 - 900
= Rs 72
trader sells it to a consumer at a profit of rupees 1800
Selling price = 16200 + 1800 = Rs 18000
CGST = SGST = (6/100) * 18000 = Rs 1080
Amount paid by consumer = 18000 + 1080 + 1080 = 20160 Rs
amount of Tax under GST received by the central government from trader.
= CGST received - ITC
= 1080 - 972
= Rs 108
the amount that the consumer pays for the machine. = Rs 20160
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