Question

A shopkeeper buy goods worth 4000 and sells these at a profit of 20% to a consumer
in the same state. If GST is charged at 5%, find:
(i) the selling price (excluding tax) of the goods.
(ii) CGST paid by the consumer.
(iii) SGST paid by the consumer.
(iv) the total amount paid by the consumer.​

Answer 1

Answer:

Step-by-step explanation:

A shopkeeper buy goods worth 4000 and sells these at a profit of 20%

So, Selling Price is = 4000+4000*(20/100)

=4000+4000*(1/5)

=4000+800

=4800 ( this is the selling price excluding tax )

GST is 5%

C.G.S.T =S.G.S.T=GST/2= 5/2=2.5

C.G.S.T = 4800*(2.5/100)

=4800*(25/1000)

=4800*(1/40)

=120

so, C.G.S.T=S.G.S.T=120

CGST Paid by the consumer is Rs. 120

SGST Paid by the consumer is Rs. 120

Total amount paid by the consumer = (Selling Price + SGST+CGST)

=(4800+120+120)

=5040

Answer 2

Answer:

1. selling price of the goods excluding tax is ₹4800.

2. CGST paid by the customer is ₹120.

3. SGST paid by the customer is ₹120.

4. Total amount paid by the customer is ₹5040.

Step-by-step explanation:

1. Calculation of selling price

selling price=cost price + profit= 4000 + ( 4000×20/100)

= 4000 + ( 4000/5)

= 4000+ 800= ₹4800

2. Calculation of CGST

CGST = 1/2 of GST

GST = 5% of S.P. = 5/ 100 of 4800 = 4800/ 20 =₹ 240

Hence , CGST = 240/ 2 = ₹120

3. Calculation of SGST

SGST = 1/2 of GST

GST = 5% of S.P. = 5/ 100 of 4800 = 4800/ 20 =₹ 240

Hence , SGST = 240/ 2 = ₹120

4. Calculation of total amount paid by the customer

Total amount paid by the customer=Selling price + GST

= 4800 + 240

= ₹5040