Question

QUESTION 1:
The following transactions of a retailer in Tamil Nadu show the
sale and purchase of some electronic items within the same state :
(i)Bought the goods at the list price of Rs. 55,00,000 with 20%
trade discount.
(ii)Sold the same whole goods at the list price of Rs. 70,00,000 with
30% trade discount
If both CGST and SGST are charged at 9% each , calculate to
determine whether there is a tax payable or tax credited during
the whole transaction, Also, in overall, find the profit or loss %, if
any.​

Answer 1

Step-by-step explanation:

)Bought the goods at the list price of Rs. 55,00,000 with 20%

trade discount.

(ii)Sold the same whole goods at the list price of Rs. 70,00,000 with

30% trade discount

If both CGST and SGST are charged at 9% each , calculate to

determine whether there is a tax payable or tax credited during

the whole transaction, Also, in overall, find the profit or loss %, if

any.