Tag: gst (goods and service tax)

Questions Related to gst (goods and service tax)

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

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

  1. $18\%$

  2. $9\%$

  3. $36\%$

  4. None of these

Show answer
Correct Option: B
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 \%$

The rate of GST on stainless steel utensils is $18$%, then the rate of State GST is

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

  1. $18$%

  2. $9$%

  3. $36$%

  4. $0.9$%

Show answer
Correct Option: B
Explanation:

If GST is 18%, State GST or SGST is 9% and CGST is 9%.

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

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

  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

Show answer
Correct Option: C

Rate of GST on brokerage is .....

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

  1. $5$%

  2. $12$%

  3. $18$%

  4. $28$%

Show answer
Correct Option: C
Explanation:

Rate of GST on brokerage is $18$%.

'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.

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

  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 $SGST$

Show answer
Correct Option: A
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 $= 5600$

















Which of the following tax is not subsumed in GST?

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

  1. Stamp duty

  2. VAT

  3. Entertainment TAX

  4. Exercise Duty

Show answer
Correct Option: A
Explanation:

Stamp duty is not subsumed in GST and will be subsumed as per the tax levied by the government.

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

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

  1. $250, 000$

  2. $269000$

  3. $249800$

  4. $220,000$

Show answer
Correct Option: D
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$

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

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

  1. $Rs. 1104$

  2. $Rs. 552$

  3. $Rs. 1210$

  4. $Rs. 605$

Show answer
Correct Option: B
Explanation:
Let $x \to S.P$
$x + \dfrac{12}{100} \times x = 10304$
$\dfrac{112}{100} x = 10304$
$x = 9200$
$GST = 10304 - 9200$
$GST = 1104$
$SGST = 552$

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

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

  1. $15$

  2. $10$

  3. $16$

  4. $9$

Show answer
Correct Option: A
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

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.

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

  1. $10$

  2. $68.50$

  3. $52.50$

  4. $62.50$

Show answer
Correct Option: D
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  = $1000-937.50=Rs. 62.50$