The printed price of an article is 40000. A wholesaler in Uttar Pradesh buys the article from a manufacturer in Gujarat at a discount of 10% on the printed price. The wholesaler sells the article to a retailer in Himachal at 5% above the printed price. If the rate of GST on the article is 18%, find:
1- the amount inclusive of tax (under GST) paid by the wholesaler for the article.
2- the amount inclusive of tax (under GST) paid by the retailer for the article.
3- the amount of tax (under GST) paid by the wholesaler to the Central Government
4- the amount of tax (under GST) received by the Central Government
Answers
GST amount paid to central Government Rs 1080 by whole seller and Rs 7560 in total received by central government
Step-by-step explanation:
The printed price of an article is 40000.
A wholesaler in Uttar Pradesh buys the article from a manufacturer in Gujarat at a discount of 10% on the printed price
=> Price = 40000 - (10/100)40000 = Rs 36000
18% GST = 18% IGST ( as trnasaction is interstate)
= (18/100)* 36000 = Rs 6480
the amount inclusive of tax (under GST) paid by the wholesaler for the article. = 36000 + 6480 = Rs 42480
The wholesaler sells the article to a retailer in Himachal at 5% above the printed price.
=> Price = 40000 + (5/100)40000 = Rs 42000
18% GST = 18% IGST = (18/100)42000 = Rs 7560
( as transaction is interstate)
the amount inclusive of tax (under GST) paid by the retailer for the article.
= 42000 + 7560
= 49560 Rs
the amount of tax (under GST) paid by the wholesaler to the Central Government = 7560 - 6480 = Rs 1080
the amount of tax (under GST) received by the Central Government
= Rs 7560
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