Mathematics
A retailer buys a T.V. from a manufacturer for ₹ 25000. He marks the price of the T.V. 20% above his cost price and sells it to a consumer at 10% discount on the, marked price. If the sales are inter-state and rate of GST is 12%, find :
(i) the marked price of the TV.
(ii) consumer's cost price of TV inclusive of tax under GST.
(iii) GST paid by the retailer to the Central and State Governments.
GST
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Answer
(i) Given,
Retailer marks the price of the T.V. 20% above his cost price
∴ M.P. = ₹ 25000 + 20% of ₹ 25000
= ₹ 25000 +
= ₹ 25000 + ₹ 5000 = ₹ 30000.
Hence, the marked price of the TV = ₹ 30000.
(ii) M.P. = ₹ 30000
Discount = 10%
C.P. (without tax) = ₹ 30000 - 10% of ₹ 30000
= ₹ 30000 - ₹ 3000 = ₹ 27000.
GST paid by consumer = 12% of ₹ 27000 = = ₹ 3240
∴ Consumer's cost price of TV inclusive of tax = ₹ 27000 + ₹ 3240 = ₹ 30240.
Hence, consumer's cost price of TV inclusive of tax under GST = ₹ 30240.
(iii) For retailer :
Input tax = 12% of ₹ 25000 = = ₹ 3000
Output tax = 12% of ₹ 27000 = = ₹ 3240
GST paid by retailer = Output tax - Input tax = ₹ 3240 - ₹ 3000 = ₹ 240.
Hence, GST paid by the retailer to the Central Government = ₹ 240 and state government = ₹ 0.
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