Question

The printed price of a carpet is Rs. 2500. A wholesaler in West Bengal buys the carpet from a manufacturer in
Maharashtra at a discount of 12% on the printed price. The wholesaler sells the carpet to a retailer in Bihar at 32%
above the marked price. If the rate of GST on the carpet is 5%, find:
(i) the price inclusive of tax (under GST) at which the wholesaler bought the carpet.
(ii) the price inclusive of tax (under GST) at which the retailer bought the carpet.
(iii) the tax (under GST) paid by the wholesaler to the Government.
(iv) the tax (under GST) received by the Central Government.

Answer 1

ANSWER.

PLEASE FIND THE ATTACHMENT.

Answer 2

Given : The printed price of a carpet is Rs. 25,000/-

wholesaler in West Bengal buys the carpet from the manufacturer in Maharashtra at a discount of 15% on the printed price.

The wholesaler sells the carpet to a retailer in Bihar at 32% above the marked price.  

rate of GST on the carpet is 5%,

To Find : i) The price inclusive of GST at which the wholesaler bought the carpet.

ii) The price inclusive of GST at which the retailer bought the carpet.

iii) GST paid by the wholesaler to the Central Government.​

(iv) the tax (under GST) received by the Central Government.

Solution:

All transactions are interstate hence IGST will be applicable

IGST = GST

printed price of a carpet is Rs. 25,000/-

15 % Discount = (15/100)25000  = Rs 3750

Price before GST = 25000 - 3750  =  21250 Rs

IGST  = (5/100)21250 = Rs 1062.5

Amount inclusive of GST =  21250  + 1062.5  =  Rs 22312.5

The price inclusive of GST at which the wholesaler bought the carpet. = Rs 22312.5

The wholesaler sells the carpet to a retailer in Bihar at 32% above the marked price.

Price before taxes = 25000 + (32/100)25000 = Rs 33000

IGST = (5/100)33000  = 1650  Rs

The price inclusive of GST at which the retailer bought the carpet. = 33000 + 1650 = 34650  Rs

GST paid by the wholesaler to the Central Government.​ = 1650 - 1062.5

= 587.5 Rs

(Center later share GST amount between state govts and Central governments )

the tax (under GST) received by the Central Government. = Rs 1650

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