A shopkeeper buys an item whose list price is Rs 3000/ from a wholesaler
at a discount of 15% and sells it to the customer at the printed price. If the
sales are intra-state and the rate of GST is 12%, find
(i) the price of the item inclusive of GST at which the shopkeeper bought it.
(ii) the amount of tax (under GST) paid by the shopkeeper to the state
Government.
(iii) the amount that the customer pays for the item.
Answers
Given : A shopkeeper buys an item whose list price is Rs 3000/ from a wholesaler at a discount of 15% and sells it to the customer at the printed price. Sales are intra-state and the rate of GST is 12%
To find : (i) the price of the item inclusive of GST at which the shopkeeper bought it.
(ii) the amount of tax (under GST) paid by the shopkeeper to the state
Government.
(iii) the amount that the customer pays for the item.
Solution:
CGST = SGST = GST/2 = 12/2 = 6 %
Printed price = Rs 3000
15 % discount by whole seller to shop keeper = (15/100) 3000 = Rs 450
Selling Price before GST = 3000 - 450 = Rs 2550
CGST = SGST = (6/100) 2550 = Rs 153
Price paid by shopkeeper = 2550 + 153 + 153
= Rs 2856
Sold to Customer before GST = Rs 3000
CGST = SGST = (6/100) 3000= Rs 180
Amount paid by customer = 3000 + 180 + 180
= Rs 3360
the amount of tax (under GST) paid by the shopkeeper to the state
Government. = SGST received - ITC ( SGST while purchasing )
ITC = input tax credit
= 180 - 153
= Rs 27
the amount of tax (under GST) paid by the shopkeeper to the state
Government = Rs 27
the price of the item inclusive of GST at which the shopkeeper bought it.
= Rs 2856
the amount that the customer pays for the item. = Rs 3360
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