An article is sold for ₹ 4,000. If consumer pays ₹ 4,480 for the article inclusive of GST, then the rate of GST is -----
please answer
Answers
Answer:
480/4000X100
12% gst rate
GST Rate is 12% if consumer pays ₹ 4,480 inclusive of GST for an article sold for ₹ 4,000
Given:
- Article sold for ₹ 4,000
- Consumer paid ₹ 4,480 inclusive of GST
To Find:
- GST Rate
GST
- GST is goods and service Tax
- When transaction happen with in the same state then there are two parts of GST : CGST , SGST
- CGST: Central goods and service tax
- SGST: State goods and service tax
- When transaction happen in between 2 different states then IGST is Applicable
- IGST: Interstate goods and service tax
- GST Common rates are 5% , 12% , 18% and 28%
Step 1:
Substract article price from amount paid to get GST amount
GST Amount = Amount Paid - Selling Price before GST
=> GST Amount = 4480 - 4000
=> GST Amount = 480 ₹
Step 2:
Calculate GST Rate by finding how much % is 480 of ₹ 4,000
GST Rate = (480/4000) x 100
=> GST Rate = 480/40
=> GST Rate = 12 %
GST Rate is 12% if consumer pays ₹ 4,480 inclusive of GST for an article sold for ₹ 4,000
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