Mathematics
A shopkeeper buys an article from a wholesaler for ₹20000 and sells it to a consumer at 10% profit. If the rate of GST is 12%, find the tax liability of the shopkeeper.
GST
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Answer
Purchase price of the article = ₹20000
Profit = 10%
Rate of GST = 12%
Amount of GST paid by the shopkeeper to the wholesaler
∴ Input GST of the shopkeeper = ₹2400
Selling price of the article (excluding tax) = Purchase Price + Profit
Amount of GST collected by the shopkeeper from the consumer
∴ Output GST of the shopkeeper = ₹2640
Tax liability of the shopkeeper = Output GST - Input GST
= ₹2640 - ₹2400
= ₹240
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