Question

A shopkeeper in Haryana buys on article at the printed price of Rs.40000 from a wholesaler in Delhi .The shopkeeper sells the article to a consumer in Haryana at a profit of 25% on the basic cost price . if the rate of GST is 18% , find:
i) The price of the article inclusive of tax (under GST) at which the shopkeeper bought it ,
ii) The amount of tax (under GST) received by the state government ,
iii) The amount which the consumer pays for the article.

Answer 1

Given : shopkeeper in Haryana buys on article at the printed price of Rs.40000 from a wholesaler in Delhi  

The shopkeeper sells the article to a consumer in Haryana at a profit of 25% on the basic cost price .

Rate of GST is 18% ,  

To Find : i) The price of the article inclusive of tax (under GST) at which the shopkeeper bought it ,

ii) The amount of tax (under GST) received by the state government ,

iii) The amount which the consumer pays for the article.

Solution:

printed price of Rs.40000  

interstate transaction ( delhi - haryana)

=> GST =  IGST = 18 %

=> IGST =  (18/100) 40000  = Rs 7200

The amount of tax (under GST) received by the state government = 0 Here ( as its IGST )

The price of the article inclusive of tax (under GST) at which the shopkeeper bought it = 40000 + 7200 = Rs 47200

shopkeeper sells the article to a consumer in Haryana at a profit of 25% on the basic cost price .

=> SP = 40000 + (25/100)40000 = Rs 50000

CGST = SGST = GST/2  ( as Intra state)

=> CGST = SGST = (9/100) 50000  = Rs 4500

GST = 4500 = 4500 = Rs 9000

Tax received by state government = Rs 4500

The amount which the consumer pays for the article = 50000 + 9000 = Rs 59000

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Answer 2

Step-by-step explanation:

Printed Price = Rs 40000

It is an inter state transaction which is from Delhi to Haryana.

☞ GST = IGST = 18 %

$\small \tt \: ☞ IGST = \frac{18}{100} \times 40000 = rs \: 72000$

☞ SGST = 0 % , because it is an inter state transaction.

CP for the Shopkeeper = 40000+72000=Rs 47200

Shopkeeper sells at 25% profit

$\small \tt \: ☞ SP = \: 40000 + \frac{25}{100} \times 40000 = 50000$

CGST =SGST =GST /2

CGST =SGST = 9/100 *50000 = rs 4500

GST = 4500+4500=9000

Tax received by state Government = 4500

Consumer Paid = 50000+9000= Rs.59000