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ICSE Class 10 Answered

please answer it
Asked by mantashaafreen536 | 31 Aug, 2020, 11:00: AM
Expert Answer

Refer to this question to solve the two questions:

A is a dealer in Meerut (U.P.). He supplies goods/services, worth Rs. 15,000 to a dealer B in Ratlam (M.P.). Dealer B, in turn, supplies the same goods/services to dealer C in Jabalpur (M.P.) at a profit of Rs. 3000. If rate of tax (under GST system) is 18%, find

i. The cost of goods/services to the dealer C in Jabalpur.

ii. Net tax payable by dealer B.

Solution:

For A (case of inter-state transaction)

S.P. in Meerut = Rs. 15,000


For B (case of inter-state transaction)

C.P.= Rs. 15,000

IGST = 18% of 15,000 = 18 over 100 cross times 15000 equals Rs. space 2700  

Input tax for B = Rs. 2,700

S.P. in Ratlam = 15,000 + 3000 = Rs. 18,000

 

For C (case of intra-state transaction)

C.P.= Rs. 18,000

CGST = 9% of 18,000 = 9 over 100 cross times 18000 equals Rs. space 1620 

SGST = 9 over 100 cross times 18000 equals Rs. space 1620

Out put tax for B = Rs. 1620 + Rs. 1620 = Rs. 3240

Net GST payable by the dealer B

= Output tax - Input tax

= 1620 + 1620 - 2700

= Rs. 540

 

Cost for the dealer C in Jabalpur

= S.P. for the dealer in Ratlam + GST

= 18,000 + 1620 + 1620

= Rs. 21,240

Answered by Renu Varma | 01 Sep, 2020, 01:50: PM

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