Question

Wholesaler buys a clock from the manufacturer for 4000 rupees. He marks the price of the clock 25% above its cost price and sells it to a retailer at 10% discount on the MP. The Retailer sells to the customer at its MP. If the GST rate is 18%, find GST paid by the retailer, price paid by customer, total GST received by the Government.​

Answer 1

Answer:

Step-by-step explanation:

Purchase price of an article = `4000

Profit = 20%

(i) Selling price of an article = [ 1+20/100] of Rs. 4000 = Rs.[12/10 *4000] = Rs. 4800

(ii) As the sale is in the city, so this sale is intra-state.

Rate of GST is 5%, it comprises of CGST at 2.5% and SGST at 2.5%.

Amount of GST collected by the shopkeeper from the consumer.

CGST = SGST = 2.5% of `4800 = Rs.[2.5/100 X 4800]= Rs.120

(iii) Hence, the total amount paid by the consumer = S.P. of an article + Taxes paid

= Rs.4800 + Rs. 120 + Rs.120 = Rs.5040

Answer 2

Step-by-step explanation:

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