Financial Planning
Maharashtra Board · Class 10 · Mathematics
Flashcards for Financial Planning — Maharashtra Board Class 10 Mathematics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Solve: A trader collects GST of ₹7,000 on sales and has ITC of ₹5,600 on purchases. Find the GST payable.
Answer
Use the formula: GST payable = Output tax - ITC. Step 1: Output tax = ₹7,000. Step 2: ITC = ₹5,600. Step 3: GST payable = 7,000 - 5,600 = ₹1,400. Answer: ₹1,400.
A goods bill shows a watch sold for ₹200 before GST. GST rate is 12%, split equally into CGST and SGST. Find CGST, SGST, and total amount.
Answer
Step 1: Total GST = 12% of ₹200 = 12/100 × 200 = ₹24. Step 2: CGST = half of ₹24 = ₹12. Step 3: SGST = half of ₹24 = ₹12. Step 4: Total amount = 200 + 24 = ₹224. Answer: CGST ₹12, SGST ₹12, total ₹224…
A retailer sells a watch for ₹400 in the same state. GST rate is 12% and CGST and SGST are equal. Find the tax and final bill amount.
Answer
Step 1: Total GST = 12% of ₹400 = 12/100 × 400 = ₹48. Step 2: CGST = ₹24. Step 3: SGST = ₹24. Step 4: Final bill amount = 400 + 48 = ₹448. Answer: CGST ₹24, SGST ₹24, total ₹448.
Why is GST called an indirect tax? Explain with a simple example.
Answer
GST is an indirect tax because the customer finally pays it, even though the trader collects and deposits it. Example: A wholesaler collects GST from the retailer, then pays only the remaining tax aft…
A goods invoice shows a long code starting with state code 27. What does GSTIN contain, and what does state code 27 indicate?
Answer
GSTIN is a 15 alphanumeric character identification number. It includes the 10-digit PAN of the dealer. State code 27 indicates registration in Maharashtra. So GSTIN and PAN are different, but PAN is …
A dealer has annual turnover of ₹25 lacs in the previous financial year. Is GSTIN mandatory for this dealer?
Answer
Yes. GSTIN is mandatory for dealers whose annual turnover in the previous financial year exceeds ₹20 lacs. Since ₹25 lacs is greater than ₹20 lacs, registration is required.
Why do goods invoices use HSN code and service invoices use SAC?
Answer
HSN is the numerical classification code for goods. SAC is the Service Accounting Code used to classify services. So goods and services are identified by different coding systems. Example: A goods inv…
A service bill shows brokerage services. What GST rate applies to brokerage services?
Answer
Rate of GST on brokerage services = 18%. If brokerage value is ₹1,000, then GST = 18% of 1,000 = ₹180. Total charge = ₹1,180. Answer: 18% GST.
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