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

According to the following data, calculate the cost that an average household pays for gasoline.

  • The gasoline tax rate is $18.4$ cents per gallon. 
  • The average motor vehicle is driven approximately $11,340$ miles per year. 
  • The national average fuel economy for non-commercial vehicles is $21.4$ miles per gallon. 
  • The average American household owns $1.75$ vehicles.

  1. $55.73
  2. $68.91
  3. $97.52
  4. $170.63
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

$11340$ miles per year is the average motor vehicle driven.

The average fuel economy is $21.4$ miles per gallon, so gallons used per vehicle per year turn out to be $\dfrac{11340}{21.4} = 529.90$
The average American household owns $1.75$ vehicles and so the gallons used per household per year become $529.90 \times 1.75 = 927.325$
Since the gasoline tax is $18.4$ cents per gallon, the total tax paid becomes $927.325 \times 18.4 = 17062.78$ cents $= $ 170.63$

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

Ann stays in a hotel for Rs. $100$ per night. She stays for three nights and pays a sales tax of $12\%$. How much did she pay?

  1. $12$
  2. $24$
  3. $36$
  4. $48$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Per night charge of hotel is Rs. $100$.
Three nights stay would be then $= 3 \times  100 = 300$
Sales tax $= 12\%$ on Rs. $300$
$=$ $\dfrac{12}{100}\times 300$
$= 36$
Therefore, tax paid by Ann is Rs. $36$.
Multiple choice maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

A manufacturer buys a raw materials for Rs. 3000 and pays 4% tax. He sells the ready stock for Rs. 5000 and charges 4% tax. Find the VAT paid by the manufacturer.

  1. 20

  2. 40

  3. 80

  4. 60
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Cost price of the raw material = Rs. 3000
Selling price of the raw material = Rs. 5000
Value added by the manufacturer = 5000 - 3000 = Rs. 2000
Rate of VAT = 4%
VAT paid by the manufacturer = 4% of Rs. 2000 = $\dfrac{4}{100}\times 2000 = 80$

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

A transportation company charges $x$ for a kg. It also charges a sales tax on the things per kg and a fixed amount for a lot. If the total amount, in dollars paid at the time of transportation is given by the expression $1.07x+17$, then what is the sales tax, expressed as a percentage of the base price?

  1. $0.07\%$
  2. $1.07\%$
  3. $7\%$
  4. $17\%$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Given that transporter company charges $x$ for a kg and its also charges sale tax on the things per kg and a fixed amount for lot.

As per given expression $1.07x+17$ total amount in dollars paid at time of transportation. 
In this expression $17$ is the fixed amount for lot and $1.07x$ is the total charges of $1$ kg with sales tax.
Then $x$ is the charges of transportation of $1$ kg and $0.07x $ is sales tax on it. 
Percent sales tax $=$ $0.07\times 100=7%$

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

Nancy pays $6\%$ sales tax on a car that costs $\$ 22,000$. What is the cost of the car including sales tax?

  1. $\$ 23,320$
  2. $\$ 23,540$
  3. $\$ 24,200$
  4. $\$ 31,200$
  5. $\$ 35,200$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Sales tax amount $ = 6 $ $\%$ of $ $ 20,000  = \dfrac {6}{100} \times 22,000 = $ 1,320 $
So, total amount $ = $ 22,000 + $ 1,320 = $ 23,120 $

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

After sales tax, a book costs $\$ 25.20$. If sales tax is $5\%$, how much does the book cost before taxes?

  1. $\$ 23.50$
  2. $\$ 23.94$
  3. $\$ 24.00$
  4. $\$ 24. 23$
  5. $\$ 26.46$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Total cost of the book $ = $ 25.20 $
Which is cost of the book before taxes $ + $ Sales tax $ = $ 25.20 $
Letcost of the book before taxes $ = b $
$\Rightarrow  b + 5$ $\%$ of $ b = 25.20 $
$ \Rightarrow  b + \dfrac {5b}{100} = 25.20 $
$ \Rightarrow  1.05b = 25.20 $
$ \Rightarrow  b = $ 24 $

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

Mrs. Malhotra purchased solar panels for the taxable value of Rs $85,000$. She sold them for Rs $90,000$. The rate of GST is $5\%$. Find the ITC of Mrs Malhotra.

  1. $4000$
  2. $3500$
  3. $4500$
  4. $4250$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

$\Rightarrow$  Mrs. Malhotra purchase solar panels for $Rs.85,000.$

$\Rightarrow$  The rate of GST is $5\%$.
$\Rightarrow$  Then, the ITC of Mrs. Malhotra = $5\%\,of\,85,000$ 
 $\Rightarrow$  The ITC of Mrs. Malhotra =$\dfrac{5}{100}\times 85000=Rs.4250.$

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

Bashir khan purchased 100 shares of MV Rs. $40$. Brokerage paid at the rate of $0.5\%$ and rate of GST on brokerage is $18\%$. Find the total amount he paid for the share purchase.

  1. Rs $4020$
  2. Rs $4233.20$
  3. Rs $4023.60$
  4. Rs $4003$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Number of shares purchased $= 100$

Market Value of share $=$ Rs. $40$

$\therefore$ Total cost of $100$ shares $=$ Rs. $4000$

Brokerage rate $= 0.5\%$
$\Rightarrow$ Brokerage Commission paid $= \dfrac{0.5}{100} \times 40000 =$ Rs. $20$

GST on Brokerage $= 18\%$ of $40000$
                                $=$ Rs. 3.6

$\Rightarrow$ Total amount paid for the purchase $= 40000 + 20 + 3.6$
                                                                 $=$ Rs $4023.60$

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

A dealer has given $10\% $discount on a showpiece of Rs $25,000$. GST of $28\%$ is applied on the discounted price. Find the total amount that is shown in the tax invoice.

  1. $26000$
  2. $22500$
  3. $22400$
  4. $28800$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Listed Price $= 25000$

Discount given $= 10\%$

Discounted Price $= 25000 - \dfrac{10}{100}\times 25000 = 22500$

GST applied $= 28\%$
Total amount shown in tax invoice $= 22500 + \dfrac{28}{100}\times 22500$

                                                          $=$ Rs $28800$