A shopkeeper buys a camera at a discount of 20% from a wholesaler, the printed price
of the camera being *1600. The shopkeeper sells it to a consumer at the printed price
If the sales are intra-state and the rate of GST is 12%, find:
(6) GST paid by the shopkeeper to the Central Government
(ii) GST received by the Central Government.
(iii) GST received by the State Government.
(iv) the amount at which the consumer bought the camera.
Answers
Given : A shopkeeper buys a camera at a discount of 20% from a wholesaler, the printed price of the camera being *1600. The shopkeeper sells it to a consumer at the printed price . sales are intra-state and the rate of GST is 12%,
To find : GST paid by the shopkeeper to the Central Government
(ii) GST received by the Central Government.
(iii) GST received by the State Government.
(iv) the amount at which the consumer bought the camera.
Solution:
Print Price = 1600 Rs
Discount = 20 % = (20/100)1600 = 320 Rs
Price after Discount = 1600 - 320 = Rs 1280
sales are intra-state and the rate of GST is 12%
=> CGST = SGST = GST/2 = 12/2 = 6 %
Price Paid by Shopkeeper = 1280 + CGST + SGST
= 1280 + (6/100)1280 + (6/100)1280
= 1280 + 76.8 + 76.8
= 1433.6 Rs
shopkeeper sells it to a consumer at the printed price
=> Selling Price to Consumer = 1600 + CGST + SGST
= 1600 + (6/100)1600 + (6/100)1600
= 1600 + 96 + 96
= 1792 Rs
GST paid by the shopkeeper to the Central Government
= CGST Received - ITC ( Input Tax Credit)
= 96 - 76.8
= 19.2 Rs
GST received by the Central Government. CGST = 76.8 + 19.2 = Rs 96
GST received by the State Government. SGST = 76.8 + 19.2 = Rs 96
the amount at which the consumer bought the camera. 1792 Rs
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(i) GST paid by the shopkeeper to the Central Government = 19.2 Rs.
(ii) GST received by the Central Government = 96 Rs.
(iii) GST received by the State Government = 96 Rs.
(iv) The amount at which the consumer bought the camera = 1792 Rs.
Step-by-step explanation:
Printed price of the camera = 1600 Rs.
Cost price of camera = 1600-1600 × (20/100)
= 1600 × (4/5) = 1280 Rs.
CGST = SGST = GST/2 = 12/2 = 6%
GST paid by the shopkeeper to the wholesaler
= 1280 × (6/100) = 76.8 Rs.
CGST = SGST = 76.8 Rs.
Amount of GST paid by consumer to shopkeeper
= 1600 × (6/100) = 96 Rs.
CGST = SGST = 96 Rs.
Output GST of the shopkeeper =
Output CGST = Rs. 96
and Output SGST = Rs. 96
Input GST of the shopkeeper
Input CGST = 76.8 Rs.
and Input SGST = 76.8 Rs.
(i) GST paid by the shopkeeper to the central government
= Output CGST - Input CGST
= 96 - 76.8 Rs.
= 19.2 Rs.
(ii) GST received by the central government
= GST paid by the shopkeeper + GST paid by the wholessaler
= 19.2 + 76.8
= 96 Rs.
(iii) SGST paid by the shopkeeper
= Output SGST - Input SGST
= 96 - 76.8 Rs.
= 19.2 Rs.
GST received by the state government
= SGST paid by the shopkeeper + SGST paid by the wholesaler
= 19.2 + 76.8
= 96 Rs.
(iv) Amount paid by the consumer
= Cost price of the camera + CGST + SGST
= 1600 + 96 + 96
= 1792 Rs.
Hope this answer is helpful.
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