Self-Help to ICSE class 10 X Understanding Mathematics Solutions of ML Aggarwal I S Chawla J Agarwal Munish Sethi Ravinder Singh and Sons Arun Deeps CBSE

692 Pages·2021·46.254 MB·English

by  ML Aggarwal I S Chawla J Agarwal Munish Sethi Ravinder Singh

(Rupees Four Hundred Sixty only)

1
GOODS AND SERVICES TAX
EXERCISE 1
1. An article is marked at `15000. A dealer sells it to a consumer at 10% profit. If the rate of GST is
12%, find :
(i) the selling price (excluding tax) of the article.
(ii) the amount of tax (under GST) paid by the consumer.
(iii) the total amount paid by the consumer.
Sol. (i) Purchase price of an article = `15000,
Profit = 10%
 10  11 
Selling price of an article = 1  of `15000 = ` 15000 = `16500
 100 10 
(ii) Let us assume that the sale is in the same state, so this sale is intra-state.
Rate of GST = 12%, it comprises of CGST at 6% and SGST at 6%
Amount of GST collected by the dealer from the consumer.
6
SGST = CGST = 6% of `16500 = × 16500 = `990
100
 Amount of tax paid by the consumer = CGST + SGST = `990 + `990 = 1980
(iii) Total amount paid by the consumer = S.P. of an article + GST paid
= `16500 + `1980 = `18480
2. A shopkeeper buy goods worth `4000 and sells these at a profit of 20% to a consumer in the same
state. If GST is charged at 5%, find :
(i) the selling price (excluding tax) of the goods. (ii) CGST paid by the consumer.
(iii) SGST paid by the consumer. (iv) the total amount paid by the consumer.
Sol. Purchase price of an article = `4000
Profit = 20%
 20  12 
(i) Selling price of an article = 1  of `4000 = ` 4000 = `4800
 100 10 
(ii) As the sale is in the city, so this sale is intra-state.
Rate of GST is 5%, it comprises of CGST at 2.5% and SGST at 2.5%.
Amount of GST collected by the shopkeeper from the consumer
 2.5 
CGST = SGST = 2.5% of `4800 = ` 4800 = `120
100 
1 Arun Deep's Understanding Math-10
2 Arun Deep's Understanding Math-10
(iii) Hence, the total amount paid by the consumer = S.P. of an article + Taxes paid
= `4800 + `120 + `120 = `5040
3. The marked price of an article is `12500. A dealer in Kolkata sells the article to a consumer in the
same city at a profit of 8%. If the rate of GST is 18%, find
(i) the selling price (excluding tax) of the article.
(ii) IGST, CGST and SGST paid by the dealer to the Central and State Governments.
(iii) the amount which the consumer pays for the article.
Sol. Marked price of the article = `12500
Profit = 8%
 8  108 
Selling price of the article = 1  of `12500 =  `12500 = `13500
 100 100 
As the sale is in the same city, so this sale is intra-state. Rate of GST is 18%, it comprises of CGST
at 9% and SGST at 9%
Amount of GST collected by the dealer from the consumer
IGST = Nil [ sale is intra-state]
 9 
CGST = SGST = 9% of `13500 = ` 13500 = `1215
100 
Amount of tax paid by the dealer to the central and state governments :
CGST = `1215 to the central government and SGST = `1215 to the state government
(iii) Total amount paid by the consumer = S.P. of the article + CGST + SGST
= `13500 + `1215 + `1215 = `15930
4. A shopkeeper buys an article from a wholesaler for `2000 and sells it to a consumer at 10% profit.
If the rate of GST is 12%, find the tax liability of the shopkeeper.
Sol. Marked price of an article = `2000
Rate of GST = 12%
 Amount of GST paid by the shopkeeper i.e. CGST and SGST = 6% of `2000 = `120
 Total GST paid by shopkeeper = `120 + `120 = `240
5. A dealer buys an article for `6000 from a wholesaler. The dealer sells the article to a consumer at
15% profit. If the sales are intra-state and the rate of GST is 18%, find
(i) input CGST and input SGST paid by the dealer.
(ii) output CGST and output SGST collected by the dealer.
(iii) the net CGST and SGST paid by the dealer.
(iv) the total amount paid by the consumer.
Sol. As all the sales are intra-state and the rate of GST is 18%, so GST comprises of CGST at 9% and
SGST at 9%
C.P. of an article for dealer = `6000
Dealer sell the article to consumer at the profit of 15%
 15  115 
 S.P. of an article for dealer = 1  of `6000 = ` 6000 = `6900
 100 100 
(i) Input CGST and Input SGST paid by the dealer = 9% of `6000
3 Arun Deep's Understanding Math-10
9
= × `6000 = `540
100
Hence, Input CGST = Input SGST = `540
(ii) Output CGST and Output SGST collected by the dealer = 9% of `6900
9
= × `6900 = `621
100
Output CGST and Output SGST = `621
(iii) Net CGST paid by the dealer to the central government = Output CGST – Input CGST
= `621 – `540 = `81
Also, net SGST paid by the dealer to the state government = output CGST – Input CGST
= `621 – `540 = `81
(iv) Total amount paid by the consumer = S.P. of an article + Output CGST + Output SGST
= `6900 + `621 + `621 = `8142
6. A manufacturer buys raw material worth `7500 paying GST at the rate of 5%. He sells the finished
product to a dealer at 40% profit. If the purchase and the sale both are intra-state and the rate of
GST for the finished product is 12%, find :
(i) the input tax (under GST) paid by the manfacturer.
(ii) the output tax (under GST) collected by the manufacturer.
(iii) the tax (under GST) paid by the manufacturer to the Central and State Governments.
(iv) the amount paid by the dealer for the finished product.
Sol. As, all the sales are intra-state and the rate of GST is 5% and 12%, so GST comprises of CGST at
2.5% and 6% and CGST at 2.5% and 6%.
(i) C.P. of raw material for manufacturer = `7500
Rate of GST = 8%
 Input CGST = Input SGST = 2.5% of `7500
5
= × `7500 = `187.50
100
Hence, Input CGST and Input SGST paid by the manufacturer is `187.50 each
(ii) Marked price of raw material = `4500
Profit = 40%
 40  140 
S.P. of finished goods = 1  of `7500 = ` 7500 = `10500
 100 100 
Rate of GST = 12%
6
 Output GST = Output SGST = 6% of `10500 = × `10500 = `630
100
Hence, Output CGST and Output SGST collected by the manufacturer is `630 each
(iii) Net CGST paid by the manufacturer = Output CGST – Input CGST = `630 – `187.50 = `442.50