Question

shyam sells an article at its market price of Rs15000 and charges GST at rate of 5% from the customer. if he deposits Rs150,calculate the amount paid by shyam​

Answer 1

Given : shyam sells an article at its market price of Rs 15000 and charges GST at a rate of 5% from the customer.  he deposits Rs 150 as GST

To Find :   the amount paid by Shyam. ​

Solution:

market price of Rs 15000

GST = 5 %

GST = (5/100)15000  = 750 Rs

GST deposited by Shyam = GST received - ITC

( ITC - Input Tax credit )

=> 150 = 750 - ITC

=> ITC  = 600

ITC is the amount of GST charged when Shyam bought  the item

Let say Shayam bought it for X  before GST

GST = (5/100)X  = 600

=> X = 12000

Amount Paid by Shayam = 12000 + 600 = 12600 Rs

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