Tag: gst (goods and service tax)

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Questions Related to gst (goods and service tax)

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

The rate of $GST$ on stainless steel is $18\% $ of which the share of a state government is

  1. $18\%$
  2. $9\%$
  3. $36\%$

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
rate of GST $= 18 \%$

Rate of CGST $=$ Rate Of SGST

rate of CGST + rate of SGST $= 18 \%$

$2\times $ rate of SGST $= 18 \%$

rate of SGST $= 9 \%$

state gov. share will be$ 9 \%$
Multiple choice maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

Shop Inspection as part of a Registration in GST will be:

  1. A Pre-Condition for giving approval for a Registration Application

  2. Shop Inspection after the issuance of the GSTIN in all cases

  3. Only at the business place of those dealers which comes under the Risk Parameters of the concerned GST Officials or Risk Profile given by GSTN Common Portal

  4. No Shop Inspection at all
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under GST registration rules, physical verification of business premises is not mandatory for every applicant; it is typically conducted only if the application is flagged by risk parameters or the GSTN portal.

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

'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.

  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 $SGST$
Reveal answer Fill a bubble to check yourself
A Correct answer
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 $= 5600$

















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

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

  1. $250, 000$
  2. $269000$
  3. $249800$
  4. $220,000$
Reveal answer Fill a bubble to check yourself
D Correct answer
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$

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

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

  1. $Rs. 1104$
  2. $Rs. 552$
  3. $Rs. 1210$
  4. $Rs. 605$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Let $x \to S.P$
$x + \dfrac{12}{100} \times x = 10304$
$\dfrac{112}{100} x = 10304$
$x = 9200$
$GST = 10304 - 9200$
$GST = 1104$
$SGST = 552$

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

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

  1. $15$
  2. $10$
  3. $16$
  4. $9$
Reveal answer Fill a bubble to check yourself
A Correct answer
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
Multiple choice maths gst (goods and service tax) more about gst commission, brokerage and vat taxation, calculation of income tax

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.

  1. $10$
  2. $68.50$
  3. $52.50$
  4. $62.50$
Reveal answer Fill a bubble to check yourself
D Correct answer
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  = $1000-937.50=Rs. 62.50$