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

A shopkeeper buys an article for Rs. 7,500 and increases its price. He sells this article for Rs. 9,156 including 9% Sales Tax on the increased price. Calculate, by how much per cent does the shopkeeper increase the price of the article.

  1. 5%

  2. 7%

  3. 9%

  4. 12%
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Let the M.P $=Rs.x$

$\therefore x+9\%$  of $x=9156$

$\Rightarrow x+\dfrac{9x}{100}=9156$

$\Rightarrow 109x=915600$

$\Rightarrow x=\dfrac{915600}{109}=Rs.8400$

Increased price $=8400-7500=Rs.900$

% increase$=\dfrac{900}{7500}\times 100=12$%
Multiple choice maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

When you buy a car for $15,000$ rupees and pay $10\%$ in tax. How much is sales tax?

  1. Rs. $15,000$
  2. Rs. $20,000$
  3. Rs. $16,500$
  4. Rs. $17,000$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Given:
Person buys car for Rs. $ 15,000$
Pays tax of $ 10 $ $\%$
Sales tax is calculated on the buying cost.
Total tax = $ 15000\times(\dfrac{10}{100})$
$=$ Rs .$ 1500 $
Total Sales Tax $=$  cost $+$ Tax 
$=$ $  15000 + 1500$
$=$ Rs .$ 16,500$

Thus, the sales tax is Rs. $16,500$.

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

Find the final price for the product after a tax is applied for diamond ring. The cost of the ring is $280$ rupees and the tax rate is $12\%$.

  1. Rs. $313.6$
  2. Rs. $302,4$
  3. Rs. $307.12$
  4. Rs. $312.3$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

$\Rightarrow$  Cost price of ring is $Rs.280$

$\Rightarrow$  Tax rate is $12\%$
$\Rightarrow$  Tax applied on a ring = $280\times \dfrac{12}{100}=Rs.33.6$
$\Rightarrow$  Final Price = Cost price of ring + Tax applied on a ring
$\Rightarrow$  Final price = $Rs.280+Rs.33.6=Rs.313.6$

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

The cost price of a saree is Rs. $1450$. The sales tax charged was $8\%$. Find the bill amount.

  1. Rs. $1540$
  2. Rs. $1566$
  3. Rs. $1254$
  4. Rs. $1584$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Given, cost price of a saree is Rs. $1450$, tax charged $=8\%$
Tax paid $=\begin{pmatrix}\dfrac{8}{100}\end{pmatrix}\times1450=$ Rs. $116$
Thus, bill amount $=$ Rs. $\begin{bmatrix}1450+116\end{bmatrix}=$ Rs. $1566$.

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

John wants to buy something that costs $Rs. 230$ before VAT. VAT is charged at $0.5\%$. Calculate the total cost after VAT is added.

  1. $Rs. 234.5$
  2. $Rs. 239.1$
  3. $Rs. 239.4$
  4. $Rs. 231.15$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

VAT $=0.5\%$ of the cost  $=\dfrac{0.5}{100}\times 230=1.15$


So the total cost including VAT $=230+1.15=231.15$