ICSE Class 10 Answered
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
Expert Answer
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
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