Goods and Service Tax
ICSE · Class 10 · Mathematics
Flashcards for Goods and Service Tax — ICSE Class 10 Mathematics. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allA dealer buys goods for ₹2,000 and sells them for ₹2,500. If GST rate is 12%, find the input GST, output GST, and net GST paid.
Answer
Step 1: Input GST = 12% of 2000 = 240. Step 2: Output GST = 12% of 2500 = 300. Step 3: Net GST paid = Output GST - Input GST = 300 - 240 = 60. Answer: Input GST = ₹240, Output GST = ₹300, Net GST paid…
A product has purchase price ₹800 and selling price ₹1,000. GST rate is 5%. Find net GST paid using the value addition method.
Answer
Step 1: Value addition = Selling Price - Purchased price = 1000 - 800 = 200. Step 2: Net GST paid = GST on value addition = 5% of 200 = 10. Step 3: Check using formula: Net GST paid = Output GST - Inp…
Solve: GST on purchased price ₹1,200 at 18% and selling price ₹1,500 at 18%. Find the net GST paid.
Answer
Step 1: Input GST = 18% of 1200 = 216. Step 2: Output GST = 18% of 1500 = 270. Step 3: Net GST paid = 270 - 216 = 54. Answer: Net GST paid = ₹54.
A dealer purchases goods for ₹4,000 and sells them for ₹5,000. GST rate is 28%. Find the net GST paid.
Answer
Step 1: Output GST = 28% of 5000 = 1400. Step 2: Input GST = 28% of 4000 = 1120. Step 3: Net GST paid = 1400 - 1120 = 280. Answer: ₹280.
When is CGST and SGST charged instead of IGST? Give a worked example.
Answer
CGST and SGST are charged on intra-state sales, that is, sales within the same state or union territory. Example: If a dealer sells goods within the same state, GST is divided equally between Centre a…
A sale happens outside the state. Which tax applies and why?
Answer
Inter-state sales are sales outside the state or union territory. Such sales attract IGST only. IGST goes to the Central government only. So for an inter-state sale, CGST and SGST are not charged.
A dealer pays CGST input of ₹180 and SGST input of ₹180. Can CGST input be used to pay SGST output? Explain.
Answer
No. CGST credited cannot be set off against SGST or UTGST, and SGST or UTGST credited cannot be set off against CGST. CGST input is first used against CGST output, and SGST input is first used against…
Input CGST = ₹250 and CGST output = ₹400. Find how much CGST credit is used and how much still remains.
Answer
Step 1: Input CGST is first set off against CGST output. Step 2: CGST output = 400 and input CGST = 250. Step 3: Entire ₹250 credit is used. Step 4: Remaining CGST output to be paid = 400 - 250 = 150.
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