Answer
Verified
430.2k+ views
Hint: In this question by using the concept of percentage we have to calculate the values of CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) for the given product. Since the taxable values of the cost price and the selling price of the product are given, we can use these values to find the values of the input tax and the output tax applied on these prices. Then the Net GST can be calculated using these values of input tax and output tax. The relationship among the Net GST, CGST and SGST can be given as following –
${\text{GST = CGST}} + {\text{SGST}}$
And,
$
{\text{CGST = SGST}}\\
{\text{ = }}\dfrac{{{\text{GST}}}}{{\text{2}}}
$
Complete step-by-step answer:
Given:
The rate of GST applied on the Jay Chemical liquid soap $ = 18% $
The taxable purchase price of the liquid soap $ = {\text{Rs}}{\text{. 8}}000$
And, the taxable selling price of the cosmetics $ = {\text{Rs}}{\text{. }}10000$
Then,
The input tax applicable on the purchase price
$
= {\text{18% of the taxable purchase price}}\\
= {\text{ 18% of Rs}}{\text{. 8000}}\\
= \dfrac{{18}}{{100}} \times 8000\\
= {\text{Rs}}{\text{. }}1440
$
Similarly,
The output tax applicable on the selling price
$
= {\text {18% of the taxable selling price}}\\
= {\text{18% of Rs}}{\text{. 10000}}\\
= \dfrac{{18}}{{100}} \times 10000\\
= {\text{Rs}}{\text{. 1800}}
$
So, the total GST payable by M/s. Jay Chemical is given by-
$
\Rightarrow {\text{GST = Rs}}{\text{. 1800 - Rs}}{\text{. 1440}}\\
\Rightarrow {\text{GST = Rs}}{\text{. 360}}
$
And we also know that,
The amount of CGST = The amount of SGST
$\Rightarrow {\text{CGST = SGST}}$
Also, we know that the total GST is the sum of CGST and SGST.
The amount of GST = The amount of CGST + The amount of SGST
So, substituting the values we get,
$
\Rightarrow { \text{GST = CGST + SGST}}\\
\Rightarrow { \text{GST = 2CGST}}
$
Or,
$\Rightarrow {\text{CGST = }}\dfrac{{{\text{GST}}}}{{\text{2}}}$
Substituting the value of GST, we get,
$
\Rightarrow {\text{CGST }} = {\text{ SGST}}\\
= \dfrac{{{\text{Rs}}{\text{. }}360}}{2}\\
= {\text{Rs}}{\text{. 18}}0
$
Therefore, the amount of CGST and SGST payable by M/s. Jay Chemical is ${\text{Rs}}{\text{. 180}}$.
So, the correct answer is “Rs. 180”.
Note: Since according to the question we do not have to calculate the value of the IGST applied on the cosmetics, we can neglect the value of IGST in the formula for the total GST. So, the formula for total GST becomes,
${\text{GST = CGST + SGST}}$
${\text{GST = CGST}} + {\text{SGST}}$
And,
$
{\text{CGST = SGST}}\\
{\text{ = }}\dfrac{{{\text{GST}}}}{{\text{2}}}
$
Complete step-by-step answer:
Given:
The rate of GST applied on the Jay Chemical liquid soap $ = 18% $
The taxable purchase price of the liquid soap $ = {\text{Rs}}{\text{. 8}}000$
And, the taxable selling price of the cosmetics $ = {\text{Rs}}{\text{. }}10000$
Then,
The input tax applicable on the purchase price
$
= {\text{18% of the taxable purchase price}}\\
= {\text{ 18% of Rs}}{\text{. 8000}}\\
= \dfrac{{18}}{{100}} \times 8000\\
= {\text{Rs}}{\text{. }}1440
$
Similarly,
The output tax applicable on the selling price
$
= {\text {18% of the taxable selling price}}\\
= {\text{18% of Rs}}{\text{. 10000}}\\
= \dfrac{{18}}{{100}} \times 10000\\
= {\text{Rs}}{\text{. 1800}}
$
So, the total GST payable by M/s. Jay Chemical is given by-
$
\Rightarrow {\text{GST = Rs}}{\text{. 1800 - Rs}}{\text{. 1440}}\\
\Rightarrow {\text{GST = Rs}}{\text{. 360}}
$
And we also know that,
The amount of CGST = The amount of SGST
$\Rightarrow {\text{CGST = SGST}}$
Also, we know that the total GST is the sum of CGST and SGST.
The amount of GST = The amount of CGST + The amount of SGST
So, substituting the values we get,
$
\Rightarrow { \text{GST = CGST + SGST}}\\
\Rightarrow { \text{GST = 2CGST}}
$
Or,
$\Rightarrow {\text{CGST = }}\dfrac{{{\text{GST}}}}{{\text{2}}}$
Substituting the value of GST, we get,
$
\Rightarrow {\text{CGST }} = {\text{ SGST}}\\
= \dfrac{{{\text{Rs}}{\text{. }}360}}{2}\\
= {\text{Rs}}{\text{. 18}}0
$
Therefore, the amount of CGST and SGST payable by M/s. Jay Chemical is ${\text{Rs}}{\text{. 180}}$.
So, the correct answer is “Rs. 180”.
Note: Since according to the question we do not have to calculate the value of the IGST applied on the cosmetics, we can neglect the value of IGST in the formula for the total GST. So, the formula for total GST becomes,
${\text{GST = CGST + SGST}}$
Recently Updated Pages
How many sigma and pi bonds are present in HCequiv class 11 chemistry CBSE
Mark and label the given geoinformation on the outline class 11 social science CBSE
When people say No pun intended what does that mea class 8 english CBSE
Name the states which share their boundary with Indias class 9 social science CBSE
Give an account of the Northern Plains of India class 9 social science CBSE
Change the following sentences into negative and interrogative class 10 english CBSE
Trending doubts
Which are the Top 10 Largest Countries of the World?
Difference between Prokaryotic cell and Eukaryotic class 11 biology CBSE
Fill the blanks with the suitable prepositions 1 The class 9 english CBSE
Difference Between Plant Cell and Animal Cell
Give 10 examples for herbs , shrubs , climbers , creepers
Differentiate between homogeneous and heterogeneous class 12 chemistry CBSE
The Equation xxx + 2 is Satisfied when x is Equal to Class 10 Maths
How do you graph the function fx 4x class 9 maths CBSE
Write a letter to the principal requesting him to grant class 10 english CBSE