Question

A shopkeeper bought a washing machine for rupees 20000 from a dealer he sold it to a consumer at a profit of rupees 5000 if the rate of GST is 28% then the tax liability of A shopkeeper is​

Answer 1

Answer:

1400 is the correct answer of this question

HOPE IT HELP YOU

Answer 2

The tax liability of  shopkeeper is​ Rs 1400 if shopkeeper bought a washing machine for rupees 20000 from a dealer he sold it to a consumer at a profit of rupees 5000 at  28% GST  

Given:

Shopkeeper Bought  a washing machine for Rs 2000

Sold to consumer at profit of Rs 5000

To Find:

Tax liability of  shopkeeper

Solution:

GST

• GST is goods and service Tax
• When transaction happen with in the same state then there are two parts of GST :  
• CGST , SGST
• CGST: Central goods and service tax
• SGST: State goods and service tax
• When transaction happen in between 2 different states then IGST is Applicable
• IGST: Interstate goods and service tax
• GST Common rates are 5% , 12% , 18% and 28%

Step 1:

Tax liability of Shopkeeper will be on the profit part as for the remaining amount Shopkeeper has already paid GST while making purchase.

Step 2:

Calculate GST  at 28 % on profit amount Rs 5000

GST = (28/100) 5000

=> GST = 1400  

Hence, Tax liability of Shopkeeper is Rs 1400

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