Tag: maths

Questions Related to maths

'Tiptop Electronics' supplied an $AC$ of $1.5$ ton to a company. Cost of the $AC$ supplied is $Rs.\ 51,200$ (with $GST$). Rate of $CGST$ on $AC$ is $14\%$. Then find the following amounts as shown in the tax invoice of Tiptop Electronics.

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

  1. Rate of $SGST$

  2. Rate of $GST$ on $AC$

  3. Taxable value of $AC$

  4. Total amount of $GST$

  5. Amount of $CGST$

  6. Amount of $SGST$

Show answer
Correct Option: A
Explanation:
According to the question 
(i) Rate of SGST
We know that, rate of CGST and SGST is same of the product
Rate of CGST on AC = Rate pof SGST on AC = $14%$

(ii) Rate of GST on AC = $14%$ CGST + $14%$ = $28%$

(iii) Let taxable value of AC be $x$
Amount of GST = Cost of AC with GST - Taxable value of AC
$28%$ of taxable value = $(51200-x)$
$28%$ of $x$ = $51200-x$
$\frac {28} {100} \times x = 51200-x$
$28x =100(51200-x)$
$28x+100x = 5120000$
$128x = 5120000$
$x=\frac {5120000}{128}$
$x = 40,000$

(iv) Amount of GST = $51200-x$ $= 51200-40000$
$= 11200$
Amount of GST $= 11,200$

(v) Amount of CGST $= 14%$ of taxable value
$\frac {14}{100} \times40000 = 5600$
Amount of CGST $= 5600$

(vi) Amount of SGST $= 5600$
Therefor the  SGST $= 5600$

















Which of the following tax is not subsumed in GST?

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

  1. Stamp duty

  2. VAT

  3. Entertainment TAX

  4. Exercise Duty

Show answer
Correct Option: A
Explanation:

Stamp duty is not subsumed in GST and will be subsumed as per the tax levied by the government.

The net income of a business man after paying income tax at the rate of $5\%$ is $ $209,000$, then his gross income is 

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

  1. $250, 000$

  2. $269000$

  3. $249800$

  4. $220,000$

Show answer
Correct Option: D
Explanation:
Let  gross income is $x$

Income tax is $5%$ of $x =\dfrac{5x}{100}$

$ then$

$x-\dfrac { 5x }{ 100 } =209,000$

$\dfrac { 95 }{ 100 } \times x=209,000$

$ x=\dfrac { 209,000\times 100 }{ 95 } =220,000$

$ Hence\quad the\quad gross\quad income\quad is\quad 220,000$

A shopkeeper sold a bicycle to a customer for  $Rs. 10304$ including GST. The rate of GST was $12\%$. Find SGST payable to him.

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

  1. $Rs. 1104$

  2. $Rs. 552$

  3. $Rs. 1210$

  4. $Rs. 605$

Show answer
Correct Option: B
Explanation:
Let $x \to S.P$
$x + \dfrac{12}{100} \times x = 10304$
$\dfrac{112}{100} x = 10304$
$x = 9200$
$GST = 10304 - 9200$
$GST = 1104$
$SGST = 552$

Choose the correct answer and write the alphabet of it :
In the format of GSTIN there are _____ alpha numerals.

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. $9$

Show answer
Correct Option: A
Explanation:
In the format of GSTIN(Goods and Service Taxes Identification Number),

GSTIN was a 15 digit apha numerical number, in which

First 2 digits represent the STATE CODE as per 2011 census

Next, 10 digits represent the PAN CODE NUMBER.

13th digit represents the number of legal registrations of the same

person/owner/owning enterprise within the same state under the same

designated 10 digit PAN number.

14th  digit is the default digit and most of the times it is represented by
alphabet Z.

15th digit was the check code digit for the GSTIN number previous digits

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 trader.

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

  1. $10$

  2. $68.50$

  3. $52.50$

  4. $62.50$

Show answer
Correct Option: D
Explanation:

$\Rightarrow$  $For\, Trader$

$\Rightarrow$   Cost price of an article = Rs. 7500
$\Rightarrow$   Tax paid  = 12.5% of 7500
$\Rightarrow$   Tax paid  = $\dfrac{12.5}{100}\times 7500 = Rs. 937.50$
$\Rightarrow$   Selling price of an article = Rs. 8000
$\Rightarrow$   Tax charged = 12.5% of 8000
$\Rightarrow$   Tax charged = $\dfrac{12.5}{100}\times 8000=Rs.1000$
$\Rightarrow$   VAT paid by trader  = $1000-937.50=Rs. 62.50$

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 $=167.48+385.86=Rs. 553.34$