A retailer sells a granite block for ₹40000 and the GST charged is 12%. If the retailer pays a GST of ₹960 to the Government, find the price paid by the retailer for the article inclusive of tax.
Answers
Given:- A retailer sells a granite block for ₹40000 and the GST charged is 12%. the retailer pays a GST of ₹960
To find:- If the retailer pays a GST of ₹960 to the Government, find the price paid by the retailer for the article inclusive of tax.
Solution:-
Granite block price including GST= ₹40000
Percentage of GST = 12%
GST (price)= 960
Let , price paid by retailer be x
12% * (40000-x) = 960
or, (12/100)*(40000-x)=960
or, 480000-12x= 96000
or, 480000-96000=12x
or, 384000=12x
or,x= 32000
Tax= 12%*32000
=(12/100)*32000
=3840
The price for the article inclusive of tax=32000 + 3840= 35840
Hence, The price for the article inclusive of tax=35840.(Ans)
Given : A retailer sells a granite block for ₹40000 and the GST charged is 12%. the retailer pays a GST of ₹960 to the Government
To find : the price paid by the retailer for the article inclusive of tax.
Solution:
A retailer sells a granite block for ₹40000
12 % GST = (12/100) 40000 = Rs 4800
GST received by Retailer = Rs 4800
GST Paid by Retailer = Rs 960
GST Paid = GST received - ITC ( ITC - input tax credit = GST charged by whole seller to retailer )
=> 960 = 4800 - ITC
=> ITC = 3840
Selling Price by Whole seller before GST = x
( 12/100)x = 3840
=> x = 32000
price paid by the retailer for the article inclusive of tax = 32000 + 3840
= 35840 Rs
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