Question

A retailer buys a TV from a wholesaler for 40000. He marks the price of TV 15% above his cost price and sells it to a consumer at 5% discount on the marked price. If the sales are intra state and rate of gst is 12%,find
1. Marked price of the TV
2. The amount which the consumer pays for the TV
3. The amount of tax paid by retailer to the central government
4.the amount of tax received by the state government

Answer 1

Answer:

the marked price of the TV : Rs 46000 without GST

the amount which consumer pays for the TV  Rs 48994

the amount of Tax (under GST) paid by the retailer to the central government Rs 222

the amount of Tax (under GST) received by the state government​ Rs 222

Step-by-step explanation:

Retailer buy TV for Rs 40000  

GST on 40000 = (12/100)*40000 = Rs 4800

Total Amount Paid = 40000 + 4800 = Rs 44800

Marked price = 15 % above 40000  without GST

= 40000 + (15/100)*40000 = Rs 46000 without GST

Discount of 5 % = 46000 - (5/100)46000 = RS 43700

Consumer Paid = 43700 + 12%GST

= 43700 + (12/100)43700

=Rs 48994

GST received from Consumer = (12/100)* 43700 =  Rs 5244

GST already paid to whole seller = Rs 4800

Remaining GST to be paid = 5244 - 4800 = Rs 444

Central GST = 444/2 = Rs 222

State GST = 444/2 = Rs 222

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