Tag: gst (goods and service tax)

Questions Related to gst (goods and service tax)

A shop keeper sells an article at its list price $Rs \ 3,000$ and charges sale tax at the rate of $12 \%$. If the VAT paid by the shopkeeper is $Rs \ 72$ , at what price did the shopkeeper buys the article inclusive of sales tax?

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $2,688$

  2. $2,600$

  3. $2,500$

  4. None of these

Show answer
Correct Option: A
Explanation:

$\Rightarrow$  Output tax = Tax realized by the retailer from the customer $= 12\%$ of $3000$.

$\Rightarrow$  Output Tax $=$ Rs. $360$.
$\Rightarrow$  Let the price of the article charged by the wholesaler be P before tax.
$\Rightarrow$  Then the input tax $= 12\%$ of P $=\dfrac{12P}{100}=\dfrac{3P}{25}$
$\Rightarrow$  $VAT = Output\, tax\, - Input\, tax$
$\Rightarrow$   $72=360-\dfrac{3P}{25}$
$\Rightarrow$   $\dfrac{3P}{25}=360-72$

$\Rightarrow$   $\dfrac{3P}{25}=288$

$\Rightarrow$   $P=288\times \dfrac{25}{3}$

$\therefore$    $P=Rs.2400$
$\Rightarrow$   Then, $Input\, tax=\dfrac{3\times 2400}{25}=Rs.288$
$\Rightarrow$  The required price = P + Input tax = Rs. 2400+288 = $Rs.2,688$. 

Gauri went to the stationers and bought things worth Rs.25, out of which 30 paise went on sales tax on taxable purchases. If the tax rate was 6 %, then what was the cost of the tax-free items?

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. Rs. 15

  2. Rs. 15.70

  3. Rs. 19.70

  4. Rs . 20

Show answer
Correct Option: C
Explanation:
Let the amount taxable purchases be Rs. x.

Then, $6$% of $x =\frac{30}{100}$

 $=>x =(\frac{30}{100}\times \frac{100}{6})=5$
 Cost of tax free items $= Rs. [25 - (5 + 0.30)] = Rs. 19.70$

Income of a person is Rs. 50,000. He pays income tax at the rate of 15%. Find the amount of income tax.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. 750 Rupees

  2. 7500 Rupees

  3. 1500 Rupees

  4. 75 Rupees

Show answer
Correct Option: B
Explanation:

Income = Rs $50000$
Income Tax = 15 %
Thus, income tax = Rs 15% of 50000 = $\frac{15}{100} \times 50000$ = Rs $7500$
Thus, income tax paid is $Rs 7500$

Sarita purchases biscuits costing Rs. 158 on which the rate of Sales Tax is 6%. She also purchases some cosmetic goods costing Rs. 354 on which the rate of Sales Tax is 9%. Find the total amount to be paid by Sarita.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $Rs. 553.34$

  2. $Rs.53.34$

  3. $Rs. 653.34$

  4. None of these

Show answer
Correct Option: A
Explanation:

Sarita purchases biscuits costing $Rs 158$


And give sales tax $6%$ then sales tax$=\dfrac{158\times 6}{100}=Rs 9.48$


So total amount with $S.T=158.00+9.48=Rs. 167.48$

Cost of cosmetic goods is $Rs  354$

Then sales tax $@ 9% =$$\dfrac{354\times 9}{100}=Rs. 31.86$

So total amount with $S.T =354.00+31.86=Rs. 385.86 $

So total amount paid by Sarita $=167.48+385.86=Rs. 553.34$

Hamid purchases some articles costing Rs. 5,460. The shopkeeper charged Sales Tax at 8%. As Hamid wanted to take the articles purchases outside the State, the shopkeeper charged 3% as Central Sales Tax on the actual price of the articles. Find the total amount Hamid had to pay for the articles.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $Rs. 6,060.60$

  2. $Rs.4,060.60$

  3. $Rs. 5,060.60$

  4. None of these

Show answer
Correct Option: A
Explanation:

Hamid purchase some articles $Rs 5460$

He paid $8 \%$ sales tax on it =$\dfrac{5460\times 8}{100}=RS. 436.80$ 

And $3\%$ central sales tax on it =$\dfrac{5460\times 3}{100}=Rs. 163.80$

Then he pay total amount  $=5460.00+436.80+163.80= Rs.6060.60$

When the rate of sale-tax is decreased from 9% to 6% for a coloured T.V.; Mrs. Geeta will save Rs. 780 in buying this T.V. Find the list price of the T.V.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $Rs. 26,000$

  2. $Rs. 25,000$

  3. $Rs. 30,000$

  4. None of these

Show answer
Correct Option: A
Explanation:
Let the list price of T.V is $Rs x$

Then sales tax @9% =$\dfrac{x\times 9}{100}=\dfrac{9x}{100}$

And  sales tax @6% =$\dfrac{x\times 6}{100}$=$\dfrac{6x}{100}$ 

Then geeta save Rs $\dfrac{6x}{100}$-$\dfrac{6x}{100}$

But she save Rs 780

$\dfrac{9x}{100}-\dfrac{6x}{100}=780$

$\Rightarrow \dfrac{9x-6x}{100}=780$
$\Rightarrow 3x=78000$

$\Rightarrow x=26000$ 
Then list price of T.V $=Rs 26000$

An article is marked at Rs. 4,500 and the rate of sales-tax on it is 6%. A trader buys this article at some discount and sells it to a customer at the marked price. If the trader pays Rs. 81 as VAT, find:
(i) how much per cent discount does the trader get ?
(ii) the total money paid by the trader, including tax, to buy the article.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $ 30\% ;  Rs. 3,339$

  2. $ 10\% ;  Rs. 2,339$

  3. $ 15\% ;  Rs. 4,339$

  4. None o these

Show answer
Correct Option: A
Explanation:
Marked price of the article $=Rs.4500$
Rate of sales tax $=6\%$
VAT paid by the trader $=Rs.81$
C.P for the customer=Rs.4500
Sales tax paid=$4500\times \dfrac{6}{100}=Rs.270$
So sales tax paid by the trader$=270-81=Rs.189$
C.P for the trader$=\dfrac{4500\times 189}{270}=Rs.3150$
(1)
Amount of discount=$4500-3150=Rs.1350$
Rate of discount$=\dfrac{1350\times 100}{4500}=30$%
(2)
Total amount paid by the trader$=3150+6\%  of   3150$
$\Rightarrow 3150+\dfrac{6}{100}\times 3150$
$\Rightarrow 3150+189=Rs.3339$



______ is imposed on all stages between production and final sale.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. discount

  2. profit

  3. sales tax

  4. VAT

Show answer
Correct Option: D
Explanation:

VAT is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution.

The cost of a pair of shirts at a shop was Rs. $450$. The sales tax charged was $5\%$. Find the bill amount.

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $472.5$

  2. $432.5$

  3. $473.5$

  4. $433.5$

Show answer
Correct Option: A
Explanation:

Cost price of a pair of shirts is Rs. $450$.

Tax charged is $5\%$
Tax charged $=$ $\dfrac{5}{100}\times 450=$ Rs. $22.5$
Bill amount $=$ Cost price $+$ Tax charged.
Bill amount $=$ Rs. $450+$ Rs. $22.5=$ Rs. $472.5$

The rate of GST on stainless steel utensils is $18\%$, then the rate of state GST is:

maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

  1. $18\%$

  2. $9\%$

  3. $36\%$

  4. $0.9\%$

Show answer
Correct Option: B
Explanation:

For intrastate movement, Central GST and State GST are two components of GST tax law. 

If a sale of Rs. $100$ occurs in a state itself, then CGST $9\%$ and SGST $9\%$ will be levied on the total bill, that is Rs. $118$ where Rs. $9$ will go to State Government and Rs. $9$ will go to Central Government. 

$\Rightarrow$ Rate of state GST $= 9\%$