a shopkeeper buys an led for 24000 from a dealer he sold it to the shopkeeper at the profit of 6000 if the rate of gst is 28% then the tax liability of the shopkeeper is
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Answers
Step-by-step explanation:
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Given : a shopkeeper buys an led for 24000 from a dealer he sold it to the customer at the profit of 6000
To Find: the tax liability of the shopkeeper
Solution:
shopkeeper buys an led for 24000
Sell to customer at the profit of 6000
the tax liability of the shopkeeper is GST received on profit
28 % of GST on 6000 = (28/100) 6000 = Rs 1680
Hence tax liability of the shopkeeper is Rs 1680
Additional Info about GST
GST for Intra-State Transactions ( Transactions with in same state)
are Equally divided in 2 categories
CGST and SGST
CGST = SGST = GST/2
CGST = SGST = 50% of GST
CGST = Central GST
SGST = State GST
GST for Inter-State Transactions ( Transactions between different states)
is full GST and is called IGST - Interstate GST
IGST = GST
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