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Q 15 from ICSE 10 Selina book Exercise 1(B) A shopkeeper in Punjab buys an article at a printed price of rs 20000 from a wholesaler in Delhi. The shopkeeper sells the article to a customer in Punjab at a profit of 25% on the cost price.
Asked by sagarmishra | 25 May, 2023, 09:11: AM

Marked price of an article = Rs. 20,000

(i)

For the dealer:

Cost price = Rs. 20,000

GST = 18% of Rs. 20,000 = Rs. 3600

So, the price of the article (inclusive of GST) for the shopkeeper is Rs. 23600.

(ii)

GST paid by the shopkeeper = Rs. 3600

For consumer:

Cost price = 20000 + 25% of 20000 = Rs. 25000

GST paid by the consumer = 18% of 25000 = Rs. 4500

∴ Input tax for the shopkeeper = Rs. 3600

Output tax for the shopkeeper = Rs. 4500

Tax paid by the shopkeeper to the government = Output tax – Input tax = Rs. 900.

Thus, the amount of tax, under GST, paid by the shopkeeper to the Government is Rs. 900.
Answered by Rashmi Khot | 25 May, 2023, 12:57: PM
ICSE 10 - Maths
Asked by sagarmishra | 25 May, 2023, 09:11: AM