Question

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

Answer:

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