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ICSE Class 10 Answered

Please solve this question.... A shopkeeper buys an article from a wholesaler for ₹20000 and sells it to a consumer at 10% profit. If the rate of GST is 12%, find the tax liability of the shopkeeper.
Asked by varma.renu9481 | 09 Mar, 2023, 11:08: AM
answered-by-expert Expert Answer
Price of the article = Rs. 20000
GST paid by the shopkeeper = 12% of 20000 = Rs. 2400
i.e. Input GST of the shopkeeper = Rs. 2400
 
Selling price of the article = 20000 + 10% of 20000 = 20000 + 2000 = Rs. 22000
GST paid by the customer = 12% of 22000 = Rs. 2640
i.e. Output GST of the shopkeeper = Rs. 2640
 
Tax liability = Output GST - Input GST = 2640 - 2400 = Rs. 240
Answered by Renu Varma | 09 Mar, 2023, 11:45: AM

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