ICSE Class 10 Math Solutions

Class 10 Math Solutions

Chapters






Goods and Services Tax (GST) – Exercise 1


Chapter 1: Goods and Services Tax (GST)

Exercise 1

1. A manufacturer sells a T.V to a dealer for Rs. 18000 and the dealer sells it to a consumer at a profit of Rs 1500. If the sales are intra-state and the rate of GST is 12%, find:

  • (i) The amount of GST paid by the dealer to the State Government.
  • (ii) The amount of GST received by the Central Government.
  • (iii) The amount of GST received by the State Government.
  • (iv) The amount that the consumer pays for the TV.

Since this is an intra-state transaction, SGST = CGST = ( frac{1}{2} ) GST.

Amount of GST collected by the manufacturer:

( 6% times 18000 = frac{6}{100} times 18000 = 1080 )

The manufacturer will pay Rs. 1080 as CGST and Rs. 1080 as SGST.

Amount of GST collected by the dealer from the customer:

( 6% times 19500 = frac{6}{100} times 19500 = 1170 )

(i) GST paid by the dealer to the State Government:

( 1170 – 1080 = 90 )

(ii) Amount of GST received by the Central Government:

( 1080 + 90 = 1170 )

(iii) Amount of GST received by the State Government:

( 1080 + 90 = 1170 )

(iv) Total amount paid by the consumer:

( 19500 + 1170 + 1170 = 21840 )

Was this answer helpful? 👍 0

2. A shopkeeper buys a camera at a discount of 20% from a wholesaler. The printed price of the camera is Rs. 1600. The shopkeeper sells it to a consumer at the printed price. If the sales are intra-state and the rate of GST is 12%, find:

  • (i) GST paid by the shopkeeper to the Central Government.
  • (ii) GST received by the Central Government.
  • (iii) GST received by the State Government.
  • (iv) The amount at which the consumer bought the camera.

CP of camera for shopkeeper:

( 1600 – (20% times 1600) = 1600 – 320 = 1280 )

Amount of GST paid by shopkeeper:

( 6% times 1280 = 76.80 )

(i) GST paid by shopkeeper to the Central Government:

( 6% times 1600 = 96 )

( 96 – 76.80 = 19.20 )

(ii) GST received by the Central Government:

( 76.80 + 19.20 = 96 )

(iii) GST received by the State Government:

( 76.80 + 19.20 = 96 )

(iv) Total amount paid by the consumer:

( 1600 + 96 + 96 = 1792 )

Was this answer helpful? 👍 0

3. A manufacturer sells a washing machine to a wholesaler for Rs. 15000. The wholesaler sells it to a trader at a profit of Rs. 1200, and the trader sells it to a consumer at a profit of Rs. 1800. If all the sales are intra-state and the rate of GST is 12%, find:

  • (i) The amount of tax (under GST) received by the State Government from the wholesaler.
  • (ii) The amount of tax (under GST) received by the Central Government from the trader.
  • (iii) The amount that the consumer pays for the machine.

Understanding GST in Intra-State Transactions:

GST is equally divided into two parts:

  • CGST (Central Goods and Services Tax) – Collected by the Central Government.
  • SGST (State Goods and Services Tax) – Collected by the State Government.

Since GST is 12%, it is divided as:

( text{CGST} = text{SGST} = frac{12%}{2} = 6% )

Step 1: GST Paid by Wholesaler to Manufacturer

( text{GST} = 12% times 15000 = 1800 )

( text{CGST} = 6% times 15000 = 900 )

( text{SGST} = 6% times 15000 = 900 )

Step 2: GST Paid by Trader to Wholesaler

( text{SP by Wholesaler} = 15000 + 1200 = 16200 )

( text{GST} = 12% times 16200 = 1944 )

( text{CGST} = 6% times 16200 = 972 )

( text{SGST} = 6% times 16200 = 972 )

Tax received by State Government from the wholesaler:

( 972 – 900 = 72 )

Step 3: GST Paid by Consumer to Trader

( text{SP by Trader} = 16200 + 1800 = 18000 )

( text{GST} = 12% times 18000 = 2160 )

( text{CGST} = 6% times 18000 = 1080 )

( text{SGST} = 6% times 18000 = 1080 )

Tax received by Central Government from the trader:

( 1080 – 972 = 108 )

Final Amount Paid by the Consumer:

( 18000 + 1080 + 1080 = 20160 )

Summary of Tax Received:

  • Tax received by State Government from Wholesaler: Rs. 72
  • Tax received by Central Government from Trader: Rs. 108
  • Total amount paid by Consumer: Rs. 20160

Was this answer helpful? 👍 0

4. A dealer buys an article at a discount of 30% from the wholesaler, the marked price being Rs. 6000. The dealer sells it to a consumer at a discount of 10% on the marked price. If the sales are intra-state and the rate of GST is 5%, find:

  • (i) The amount paid by the consumer for the article.
  • (ii) The tax (under GST) paid by the dealer to the State Government.
  • (iii) The amount of tax (under GST) received by the Central Government.

Understanding GST and Intra-State Transactions

The Goods and Services Tax (GST) is a value-added tax applied to the supply of goods and services. In the case of intra-state sales, the tax is equally divided between:

CGST = SGST = 5% / 2 = 2.5%

Given Data:

  • Marked Price (MP) = Rs. 6000
  • Discount given by wholesaler = 30%
  • Discount given by dealer to consumer = 10%
  • GST rate = 5% (i.e., CGST = 2.5%, SGST = 2.5%)

Step 1: Cost Price for Dealer

CP for Dealer = 6000 – (30% × 6000) = 6000 – 1800 = 4200

GST Paid by Dealer to Wholesaler:

CGST = 2.5% × 4200 = 105

SGST = 2.5% × 4200 = 105

Step 2: Selling Price for Consumer

SP for Consumer = 6000 – (10% × 6000) = 6000 – 600 = 5400

GST Paid by Consumer to Dealer:

CGST = 2.5% × 5400 = 135

SGST = 2.5% × 5400 = 135

Total Amount Paid by Consumer:

5400 + 135 + 135 = 5670

Step 3: Tax Calculation

(i) The amount paid by the consumer for the article: Rs. 5670

(ii) The tax (under GST) paid by the dealer to the State Government: Rs. 30

(iii) The amount of tax (under GST) received by the Central Government: Rs. 30

Was this answer helpful? 👍 0

5. The marked price of an article is Rs. 7500. The wholesaler sells it to the dealer at a 20% discount. The dealer sells it to the consumer at a discount of 10% on the marked price. The rate of GST is 12%. If the sales are intra-state, find:

  • (i) The amount paid by the consumer for the article.
  • (ii) The tax (under GST) paid by the dealer to the State Government.
  • (iii) The amount of tax (under GST) received by the Central Government.

Given Data:

  • Marked Price (MP) = Rs. 7500
  • Discount given by wholesaler = 20%
  • Discount given by dealer to consumer = 10%
  • GST rate = 12% (i.e., CGST = 6%, SGST = 6%)

Step 1: Cost Price for Dealer

CP for Dealer = 7500 – (20% × 7500) = 7500 – 1500 = 6000

GST Paid by Dealer to Wholesaler:

CGST = 6% × 6000 = 360

SGST = 6% × 6000 = 360

Step 2: Selling Price for Consumer

SP for Consumer = 7500 – (10% × 7500) = 7500 – 750 = 6750

GST Paid by Consumer to Dealer:

CGST = 6% × 6750 = 405

SGST = 6% × 6750 = 405

Total Amount Paid by Consumer:

6750 + 405 + 405 = 7560

Step 3: Tax Calculation

(i) The amount paid by the consumer for the article: Rs. 7560

(ii) The tax (under GST) paid by the dealer to the State Government: Rs. 45

(iii) The amount of tax (under GST) received by the Central Government: Rs. 45



bigskip

Chapter 2: Banking

Content for Banking solutions…

Chapter 3: Linear Inequations

Content for Linear Inequations solutions…

Chapter 4: Quadratic Equations in One Variable

Content for Quadratic Equations…

Chapter 5: Ratio and Proportion

Content for Ratio and Proportion…

Chapter 6: Factorization

Content for Factorization…

Chapter 7: Matrices

Content for Matrices…

Chapter 8: Arithmetic Progression

Content for Arithmetic Progression…

Chapter 9: Co-ordinate Geometry

Content for Co-ordinate Geometry…

Chapter 10: Similarity

Content for Similarity…

Chapter 11: Loci

Content for Loci…

Chapter 12: Circles

Content for Circles…

Chapter 13: Mensuration

Content for Mensuration…

Chapter 14: Trigonometry

Content for Trigonometry…

Chapter 15: Statistics

Content for Statistics…

Chapter 16: Probability

Content for Probability…



↑ Back to Top