Question

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44 min: 51 sec
1) Given below are the cost of some
financial services, in the same city,
taxable under GST.
Cost of services : 500 $400,$400 and
$ 500. If the rate of GST is 12% find the
amount of GST on these services.​

Answer 1

Answer:

GST Amount = (GST x Original cost of the product or service) / 100

Net Price = Original cost of the product or service + GST amount

To remove GST:

GST Amount = Original cost of the product or service - [Original cost of the product or service x {100 / (100 + GST%)}]

Net Price = Original cost of the product or service - GST amount