Math, asked by expresso68, 9 months ago

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

Answered by amitnrw
3

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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