1.

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

Answer»

Answer:

₹ 1400 is the TAX liability.

Explanation:

PURCHASE PRICE = ₹ 35000

Input GST = ₹(28 % of 35000)

  • ₹ 9800

Input tax credit = ₹ 9800

Selling price = ₹(35000 + 5000)

  • ₹ 40000

Output GST = ₹(28 % of 40000)

  • ₹ 11200

Tax liability = Output GST - Input tax credit

  • ₹(11200 - 9800)
  • ₹ 1400


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