a retailer charges gst on an article at the prescribed rate of 5% from the buyer. the sale price of the article is rs4500. if the retailer paid a gst of rs 60. what Was the sum the retailer paid to the wholesaler.
Answers
Given : a retailer charges gst on an article at the prescribed rate of 5% from the buyer. the sale price of the article is rs4500. the retailer paid a gst of rs 60.
To find : sum the retailer paid to the wholesaler.
Solution:
Sale price of article to retailer = 4500
5 % GST = (5/100)4500 = Rs 225
GST received by retailer Rs 225
retailer paid a gst of Rs 60
=> ITC = 225 - 60 = Rs 165 ( ITC - input tax credit)
ITC = GST charged by whole seller to retailer
Whole seller sold article for Rs C to retailer
GST = (5/100)C = 165
=> C = 3100
sum the retailer paid to the wholesaler. = article price + GST
= 3100 + 165
= Rs 3265
sum the retailer paid to the wholesaler = Rs 3265
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