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A retailer purchases an air-conditioner for ₹35000 from a company. He sold it to a consumer at a profit of ₹5000, calculate the tax liability of the retailer, if the gst rate on air - conditioner is 28 % .ans : ₹1400 |
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Answer» Answer: ₹ 1400 is the TAX liability. Explanation: Input GST = ₹(28 % of 35000)
Input tax credit = ₹ 9800 Selling price = ₹(35000 + 5000)
Output GST = ₹(28 % of 40000)
Tax liability = Output GST - Input tax credit
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