A retailer buys a TV from a wholesaler for Rs 40000. He marks the price of the T.V. 15% above his cost price and sells it to a consumer at 5% discount on the marked price. If the sales are intra-state and the rate of GST is 12%, find: (i) The marked price of the TV. (ii) The amount which the consumer pays for the TV. (iii) The amount of tax (under GST) paid by the retailer to the Central Government. (iv) The amount of tax (under GST) received by the State Government. - Noon Academy

A retailer buys a TV from a wholesaler for Rs 40000. He marks the price of the T.V. 15% above his cost price and sells it to a consumer at 5% discount on the marked price. If the sales are intra-state and the rate of GST is 12%, find: (i) The marked price of the TV. (ii) The amount which the consumer pays for the TV. (iii) The amount of tax (under GST) paid by the retailer to the Central Government. (iv) The amount of tax (under GST) received by the State Government.

Class 10 | Exercise 1 | Goods and Service Tax | ICSE | Maths | ML Aggarwal

A retailer buys a TV from a wholesaler for Rs 40000. He marks the price of the T.V. 15% above his cost price and sells it to a consumer at 5% discount on the marked price. If the sales are intra-state and the rate of GST is 12%, find: (i) The marked price of the TV. (ii) The amount which the consumer pays for the TV. (iii) The amount of tax (under GST) paid by the retailer to the Central Government. (iv) The amount of tax (under GST) received by the State Government.

It is a case of intra-state transaction of goods and services.

hence,

$SGST\text{ }=\text{ }CGST\text{ }=\text{ }{\scriptscriptstyle 1\!/\!{ }_2}\text{ }GST$

According to ques,:

(i) The marked price of the TV.

now,

It is given that, CP of TV for retailer is

$=\text{ }Rs.\text{ }40000$

Marked price of TV is

$=\text{ }Rs.\text{ }40000\text{ }+\text{ }15%\text{ }of\text{ }40000$

$=\text{ }Rs.\text{ }40000\text{ }+\text{ }\left( 15/100 \right)\text{ }\times \text{ }40000$

or,

$=\text{ }Rs.\text{ }40000\text{ }+\text{ }6000$

$=\text{ }Rs.\text{ }46000$

(ii) The amount which the consumer pays for the TV.

since,

Discount given by retailer is

$=\text{ }5%\text{ }of\text{ }Rs.\text{ }46000$

$=\text{ }\left( 5/100 \right)\text{ }\times \text{ }46000$

or,

$=\text{ }Rs.\text{ }2300$

Amount paid by consumer without GST for TV is

$=\text{ }Rs.\text{ }46000\text{ }\text{ }Rs.\text{ }2300$

$=\text{ }Rs.\text{ }43700$

Rate of GST = 12%

Amount of GST paid by consumer

$=\text{ }12%\text{ }of\text{ }Rs.\text{ }43700$

$=\text{ }\left( 12/100 \right)\text{ }\times \text{ }43700$

or,

$=\text{ }Rs.\text{ }5244$

Amount which consumer pays for TV

$=\text{ }Rs.\text{ }43700\text{ }+\text{ }Rs.\text{ }5244\text{ }=\text{ }Rs.\text{ }48944$

(iii) The amount of tax (under GST) paid by the retailer to the Central Government.

now,

CGST paid by shopkeeper that is

$=\text{ }6%\text{ }of\text{ }Rs.\text{ }40000$

or,

$=\text{ }\left( 6/100 \right)\text{ }\times \text{ }40000$

or,

$=\text{ }Rs.\text{ }2400$

and

SGST paid by shopkeeper that is

$=\text{ }6%\text{ }of\text{ }Rs.\text{ }40000$

$=\text{ }Rs.\text{ }2400$

Shopkeeper sells the article to consumer that is

$=\text{ }Rs.\text{ }43700$

GST collected by shopkeeper

$=\text{ }12%\text{ }of\text{ }Rs.\text{ }43700$

$=\text{ }\left( 12/100 \right)\text{ }\times \text{ }43700$

or,

$=\text{ }Rs.\text{ }5244$

CGST of shopkeeper that is = SGST

$=\text{ }6%\text{ }of\text{ }Rs.\text{ }43700$

$=\text{ }\left( 6/100 \right)\text{ }\times \text{ }43700$

or,

$=\text{ }Rs.\text{ }2622$

The amount of tax (under GST) paid by the retailer to the Central Government which is

$=Rs.\text{ }2622\text{ }\text{ }Rs.\text{ }2400$

$=\text{ }Rs.\text{ }222$

(iv) The amount of tax (under GST) received by the State Government.

SGST paid by wholesaler + SGST paid by shopkeeper

that is,

$=\text{ }Rs.\text{ }2400\text{ }+\text{ }Rs.\text{ }222$

$=\text{ }Rs.\text{ }2622$

i

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