**Maharashtra Board Class 10 Math Part – 1 Solution Chapter 4 Practice Set 4.2 – Financial Planning**

**Balbharati Maharashtra Board Class 10 Math Part – 1 Solution Chapter 4**: Financial Planning. Marathi or English Medium Students of Class 10 get here Financial Planning full Exercise Solution.

Std |
Maharashtra Class 10 |

Subject |
Math Part 1 Solution |

Chapter |
Financial Planning |

Practice Set |
4.2 |

__Practice Set 4.2__

__Practice Set 4.2__

**(1) ‘Chetana Store’ paid total GST of ₹1,00,500 at the time of purchase and collected GST ₹1,22,500 at the time of sale during 1st of July 2017 to 31st July 2017. Find the GST payable by Chetana Stores.**

**Solution: **

(ATQ)

Input tax = ₹100500

Input tax = ₹122500

∴ Total GST payable = output tax – ITC

= 122500 – 100500

= ₹22000

**(2) Nazama is a proprietor of a firm, registered under GST. She has paid GST of ₹12,500 on purchase and collected ₹14,750 on sale. What is the amount of ITC to be claimed? What is the amount of GST payable?**

**Solution: **

(ATQ) Input tax = ₹12500

Output tax = ₹14750

∴ ITC = input tax = ₹12500

Total GST payable = output tax – ITC

= 14750 – 12500

= ₹2150

** **

**(3) Amir Enterprise purchased chocolate sauce bottles and paid GST of ₹3800. He sold those bottles to Akbari Bros. and collected GST of ₹4100. Mayank Food Corner purchased these bottles from Akabari Bros and paid GST of ₹4500. Find the amount of GST payable at every stage of trading and hence find payable CGST and SGST.**

**Solution: **

(ATQ) For, Akbari’ Bros.

Input tax = ₹3800

Output tax = ₹4100

∴ GST payable = output tax – ITC

= 4100 – 3800

= ₹300

∴ CGST = SGST = GST/2 = 300/2

= ₹150

For Mayank Food centre,

Input tax = ₹4100

Output tax = ₹4500

∴ GST payable = output tax – ITC

= 4500 – 4100

= ₹400

∴ CGST = SGST = GST/2 = 400/2

= ₹200

** **

**(4) Malik Gas Agency (Chandigarh Union Territory) purchased some gas cylinders for industrial use for ₹24,500, and sold them to the local customers for ₹26,500. Find the GST to be paid at the rate of 5% and hence the CGST and UTGST to be paid for this transaction. (for Union Territories there is UTGST instead of SGST.)**

**Solution: **

Taxable value for purchase = ₹24500

GST = 5%

∴ Input tax = 5/100 × 24500

= ₹1225

Taxable value for selling = ₹26500

∴ GST rate = 5%

∴ Output tax = 5/100 × 26500

= ₹1325

∴ Total GST payable = output tax – ITC

= 1325 – 1225

= ₹100

∴ CGST = UTGST = GST/2 = 100/2 = ₹52

** **

**(5) M/s Beauty Products paid 18% GST on cosmetics worth ₹6000 and sold to a customer for ₹10,000. What are the amounts of CGST and SGST shown in the tax invoice issued?**

**Solution: **

Input taxable value = ₹6000

Output taxable value = ₹10000

GST rate = 18%

∴ Input tax = 18/100 × 6000

= ₹1080

∴ Output tax = 18/100 × 10000

= ₹1800

∴ Total GST payble = output tax – ITC

= 1800 – 1080

= ₹720

∴ CGST = SGST = GST/2 = 720/2 = ₹360

** **

**(6) Prepare Business to Consumer (B2C) tax invoice using given information. Write the name of the supplier, address, state, Date, invoice number, GSTIN etc. as per your choice.**

**Supplier: M/s —- Address —– State —– Date —– **

**Invoice No. —— GSTIN —— **

**Particulars – Rate of Mobile Battery – ₹200 Rate of GST 12% HSN 8507, 1 pc. **

**Rate of Headphone – ₹750 Rate of GST 18% HSN 8518, 1 pc. **

**Solution: **

(ATQ) Supplier: M/s – Athena Basu

Address: Kolkata, West Bengal

State: West Bengal

Date: 18/12/21

Invoice No. 12456

GSTIN: 4324

Rate of Battery = ₹200, 1PC

GST rate = 12%

∴ GST = 12/100 × 200 = ₹24

Rate of headphone = ₹750, 1 PC

GST rate = 18%

∴ GST payble = 18/100 × 750 = ₹135

** **

**(7) Prepare Business to Business (B2B) Tax Invoice as per the details given below. name of the supplier, address, Date etc. as per your choice.**

**Supplier – Name, Address, State, GSTIN, Invoice No., Date**

**Recipient – Name, Address, State, GSTIN,**

**Items: (1) Pencil boxes 100, HSN – 3924, Rate – ₹20, GST 12% **

**(2) Jigsaw Puzzles 50, HSN 9503, Rate – ₹100 GST 12% **

**Solution: **

Supplier:

Name: Athena Basu

Address: Kolkata

State: West Bengal

GSTIN: 4564

Date: 18/12/21

Recipient:

Name: Monoj Bose

Address: Siliguri

State: West Bengal

GSTIN: 4564

Date: 18/12/21

Items: (1) pencil boxes 100.

GST rate = 12% at ₹20

∴ Total GST on 100 boxes = 12/100 × 20 × 100

= ₹240

(2) Jigsaw puzzle = 50

GST rate = 12% at ₹100

∴ Total GST payable = 12/100 × 50 × 100 = ₹600

**Here is your solution of Maharashtra Board Class 10 Math Part 1 Chapter 4 Financial Planning Practice Set 4.2 Solution**

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