Tag: gst (goods and service tax)

Questions Related to gst (goods and service tax)

The rate of GST on the spices is $5\%$ which includes the rate of CGST

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

  1. $5\%$

  2. $10\%$

  3. $2.5\%$

  4. $0.5\%$

Show answer
Correct Option: A

How many alpha numerals are there in the $GSTIN$ of a registered dealer

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

  1. $15$

  2. $10$

  3. $16$

  4. $9$

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Correct Option: B

The cost of furniture inclusive of VAT is $Rs.\ 7150$. If the rate of VAT is $10\%$, find the original cost of the furniture.

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

  1. $Rs.\ 5000$

  2. $Rs.\ 3000$

  3. $Rs.\ 6500$

  4. $Rs.\ 2000$

Show answer
Correct Option: A
Explanation:

Let the cost be Rs $x$
VAT $= 10 \%$
Cost including VAT $= Rs. 7150 = x + 10 \%$ of $x$
$7150 = x + \cfrac{10}{100} \times x$
$7150 = \cfrac{110}{100} x$
$x = Rs. 6500$
Thus, original cost of the furniture is $Rs. 6500$

The marked price of an article is Rs. $900$ and the rate of sales tax on it is $6 \%$.If on selling the article at its marked price, a retailer has to pay Rs $4.80$ ; find the money paid by him (including sales tax) for purchasing the article.

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

  1. $700.40$

  2. $800.20$

  3. $829.20$

  4. $869.20$

Show answer
Correct Option: D
Explanation:

Let the profit of the retailer $=$ Rs. $x$

As the VAT paid by the shopkeeper is Rs. $4.80$ and rate of sales tax is $6\%$, then $6\%$ of $x$ $=4.80$.
$\Rightarrow \dfrac {6}{100}\times x=4.80$
$\Rightarrow x=\dfrac {480}{6}=80$
Now, profit of the retailer $=900-80=$ Rs. $820$
Sales tax paid by the retailer $=6\%$ of Rs. $820=\dfrac {6}{100}\times 820=$ Rs.$49.20$.
So, price of the article including sales tax paid by the retailer $=820+49.20=$ Rs. $869.20$.
Therefore, the money paid for purchasing the article is Rs. $869.20$.

The cost of an article is $Rs\ 6,000$ to a distributor.He sells it to trader at $Rs \ 7,500$ and the trader sells it to customer for $Rs \ 8,000$. If the VAT rate is $12.5 \%$; find the VAT paid by distributor.

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

  1. Rs. 167.50

  2. Rs.177.50

  3. Rs. 180.50

  4. Rs.  187.50

Show answer
Correct Option: D
Explanation:

Vat rate = $12.5 \%$

Cost paid by distributor= $Rs \ 6000$
Then VAT paid by  distributor=$\dfrac{12.5}{100}\times 6000=750$ Rs
Cost paid by trader= $Rs  \ 7500$
VAT paid by trader=$\dfrac{12.5}{100}\times 7500=937.50$Rs 
Therefor VAT paid by Distributor= $Rs \ 750$
And VAT paid by trader = $Rs\ 937.50$
   

Vishal goes to a shop to buy a radio costing Rs. $2568$. The rate of sales tax is $7$%. He tells the shopkeeper to reduce the price of the radio to such an extent that he has to pay Rs. $2568$, inclusive of sales tax. Find the reduction needed in the price of the radio

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

  1. Rs. $179.76$

  2. Rs. $170$

  3. Rs. $168$

  4. Rs. $169$

Show answer
Correct Option: C
Explanation:

Let reduced price of the radio be Rs $ x$
$\therefore x+ \dfrac{7}{100} \times  x = 2568$
$ \Rightarrow 107x  = 256800$
$ \Rightarrow x = 2400$
$\therefore$ Reduction in the price of radio $ = 2568 - 2400 = 168$

Anad paid Rs30 as sales tax on a bottle of mineral water with marked price as Rs 400. Calculate the rate of sales tax.

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

  1. 15%

  2. 12.5%

  3. 6%

  4. 7.5%

Show answer
Correct Option: D
Explanation:

Marked price=$Rs\ 400$

Sales tax=$Rs\ 30$
Let the rate of sales tax be $x$
Therefore,
$\Rightarrow x\%\ of\ 400=30$
$\Rightarrow \dfrac{x}{100}\times 400=30$
$\Rightarrow 4x=30$
$\Rightarrow x=\dfrac{30}{4}$
$\Rightarrow x=7.5\%$

Som purchased a cycle for Rs $1,664$ including sales lax. The list price of the cycle is Rs $1,600$, then the rate of sales tax is

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

  1. $4$%

  2. $5$%

  3. $6$%

  4. $7$%

Show answer
Correct Option: A
Explanation:

Given, List price of cycle $=$ Rs.$1, 600$
Som purchased a cycle $=$ Rs. $ 1,664$
Sales tax is on the the list price.
Hence, rate of sales tax $=$ $ \dfrac{(1664 - 1600)}{1600} \times{100}$ $=$ $ 4$ $\%$

Shyam buys an article for Rs $10,000$ and pays $7\%$ tax. He sells the same article for Rs $13,000$ and charges $9 \%$ tax. Find the VAT paid by shyam.

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

  1. $470$

  2. $520$

  3. $670$ 

  4. $680$

  5. None of these

Show answer
Correct Option: A
Explanation:

$\Rightarrow$  Cost of article $= Rs. 10,000$.

$\Rightarrow$  Tax paid by Shyam $= 7\%$ of Rs. $10,000$
$\Rightarrow$  Tax paid by Shyam = $\dfrac{7}{100}\times 10000=Rs.700$
$\Rightarrow$  Selling price of the article  $=$ Rs. $13,000$
$\Rightarrow$  Tax charged at $9\% = 9\%$ of $13,000$
$\Rightarrow$  Tax charged at $9\% = \dfrac{9}{100}\times 13000=$ Rs. $1170$
$\Rightarrow$  VAT = Tax recovered on sale - Tax paid on purchase
$\Rightarrow$  VAT $= 1170 - 700$
$\therefore$   $VAT=Rs.470$


A colour TV is available for Rs 13,440 inclusive of sales tax. If the original cost of TV is Rs 12,000, then the rate of sales tax is:

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

  1. 10%

  2. 12%

  3. 13%

  4. 14%

Show answer
Correct Option: B
Explanation:

We have list price of the TV=Rs$12000$

Let the rate of Sales Tax be $x$%
Now, the rate of Sales Tax will be$=\dfrac { x }{ 100 } \times 12000=120x$
Price including sales tax$=13440$
$\Rightarrow 12000+120x=13440$
 $\Rightarrow 120x=1440$
$\Rightarrow x=\dfrac { 1440 }{ 120 } =12$
So the rate of sales tax is $12$%