Maharashtra Board Class 10 Math Part 1 Solution Chapter 4 Problem Set 4A – 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 Problem Set Solution.
Std | Maharashtra Class 10 |
Subject | Math Part 1 Solution |
Chapter | Financial Planning |
Problem Set | 4A |
Problem Set 4A
(1) Write the correct alternative for each of the following.
(1) Rate of GST on essential commodities is….
(A) 5%
(B) 12%
(C) 0%
(D) 18%
Solution:
Rate of GST on essential commodities is
(c) 0%
(2) The tax levied by the central government for trading within state is…..
(A) IGST
(B) CGST
(C) SGST
(D) UTGST
Solution:
Tax levied by the central government for trading within the state is
(B) CGST
(3) GST system was introduced in our country from….
(A) 31st March 2017
(B) 1st April 2017
(C) 1st January 2017
(D) 1st July 2017
Solution:
GST system was introduced in our country from
(D) 1st July 2017
(4) The rate of GST on stainless steel utensils is 18%, then the rate of State GST is…..
(A) 18%
(B) 9%
(C) 36%
(D) 0.9%
Solution:
The rate of GST on stainless steel utensils is 18% then the rate of state GST is
(B) 9%
(5) In the format of GSTIN there are…alpha-numerals.
(A) 15
(B) 10
(C) 16
(D) 9
Solution:
In the format of GSTIN there are….alpha numerals
(A) 15
(6) When a registered dealer sells goods to another registered dealer under GST, then this trading is termed as……
(A) BB
(B) B2B
(C) BC
(D) B2C
Solution:
When a registered dealer sells goods to another registered dealer under GST then this trading is termed as –
(B) B2B.
(2) A dealer has given 10% discount on a showpiece of ₹25,000. GST of 28% was charged on the discounted price. Find the total amount shown in the tax invoice. What is the amount of CGST and SGST?
Solution:
Given, MRP = ₹25000
Discount rate = 10%
∴ Discount price = 10/200 × 25000
= ₹2500
∴ discounted price = 25000-2500 = 22500
GST rate = 28%
∴ GST payable = 28/100 × 22500
= ₹6300
∴ Purchase price of item = 22500 + 6300
= ₹ 28800
Amount of CGST = Amount of SGST
= 6300/2
= ₹3150
(3) A ready-made garment shopkeeper gives 5% discount on the dress of ₹1000 and charges 5% GST on the remaining amount, then what is the purchase price of the dress for the customer?
Solution:
MRP = ₹1000
discount rate = 5%
discount = 5/100 × 1000
= ₹50
∴ discounted price = 1000-50
= ₹950
GST = 5%
∴ GST payable = 5/100 × 950
= 47.5
∴ Total price of item
= 950 + 47.5
= ₹997.5
(4) A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is ₹2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot?
Solution:
Total taxable value = ₹250000
GST rate = 5%
∴ GST payable = 5/100 × 250000
= ₹12500
∴ Total amount to be paid by the trade in Rajkot = 250000 + 12500
= ₹262500
(5) Smt. Malhotra purchased solar panels for the taxable value of ₹85,000. She sold them for ₹90,000. The rate of GST is 5%. Find the ITC of Smt. Malhotra. What is the amount of GST payable by her?
Solution:
Purchasing price = ₹85000
GST rate = 5%
Selling price = ₹90000
∴ Input for (ITC) = 5/100 × 85000
= ₹4250
Now, output tax = 5/100 × 90000
= ₹4500
∴ Total GST payable = output tax – input tax
= 4500 – 4250
= ₹250
(6) A company provided Z-security services for the taxable value of ₹64,500. Rate of GST is 18%. Company had paid GST of ₹1550 for laundry services and uniforms etc. What is the amount of ITC (input Tax Credit)? Find the amount of CGST and SGST payable by the company.
Solution:
Taxable value for service provided
= ₹64500
GST rate = 18%
∴ Output tax = 18/100 × 64500
= ₹11610
GST paid by company = ₹1550
We know, GST payable = output tax – ITC
∴ ITC = 11610 – 1550
= ₹10060
Amount of CGST = Amount of SGST
= GST/2
= 1550/2
= ₹775
(7) A dealer supplied Walky-Talky set of ₹84,000 (with GST) to police control room. Rate of GST is 12%. Find the amount of state and central GST charged by the dealer. Also find the taxable value of the set.
Solution:
Total money charged include of GST = ₹84000
GST rate = 12%
Let, the taxable amount be x
∴ GST payable = 12/100 × x
= ₹ 12/100
Total money charged = taxable amount + GST
Or, 84000 = x + 12x/100
Or, 84000 = 112x/100
Or, x = 84000×100/112
= ₹75000
∴ The taxable amount is ₹75000
∴ Total GST paid = 84000 – 75000
= ₹9000
∴ Total SGST charged = total cost
= GST/2 = 9000/2 = ₹74500
(8) A wholesaler purchased electric goods for the taxable amount of ₹1,50,000. He sold it to the retailer for the taxable amount of ₹1,80,000. Retailer sold it to the customer for the taxable amount of ₹2,20,000. Rate of GST is 18%. Show the computation of GST in tax invoices of sales. Also find the payable CGST and payable SGST for wholesaler and retailer.
Solution:
For wholesaler:
Taxable amount = ₹150000
GST rate = 18% selling amount to retailer = ₹180000
∴ Input tax = 18/100 × 150000
= ₹27000
Output tax = 18/100 × 180000
= ₹32400
∴ GST payable by wholesaler
= 32400 – 27000
= ₹5400
∴ In tax invoice of wholesaler.
CGST payable = SGST payable
= GST/2 = 5400/2
= ₹2700
Now, For retailer:
Taxable amount = ₹180000
Selling price to the customer = ₹220000
GST rate = 18%
∴ Input tax = 18/100 × 180000
= ₹32400
Output tax = 18/100 × 220000
= ₹34600
∴ GST payable for retailer = 39600 – 28 – 32400
= ₹7200
∴ In tax invoice of retailer.
CGST payable = SGST payable
= GST/2 = 7200/2 = ₹3600
(9) Anna Patil (Thane, Maharashtra) supplied vacuum cleaner to a shopkeeper in Vasai (Mumbai) for the taxable value of ₹14,000, and GST rate of 28%. Shopkeeper sold it to the customer at the same GST rate for ₹16,800 (taxable value) Find the following –
(1) Amount of CGST and SGST shown in the tax invoice issued by Anna Patil.
(2) Amount of CGST and SGST charged by the shopkeeper in Vasai.
(3) What is the CGST and SGST payable by shopkeeper in Vasai at the time of filing the return.
Solution:
Taxable amount for Anna Patil = ₹14000
GST rate = 28%
∴ GST payable = 28/100 × 14000
= ₹3920
∴ Tax invoice of Anna Patil:
CGST Payable = GST/2 = 3920/2 = ₹1960
SGST payable = CGST = ₹1960
Taxable amount for shopkeeper = ₹16800
GST rate = 28%
∴ Total GST payable = 28/100 × 16800
= ₹4704
∴ Amount of CGST charged by shopkeeper
= GST/2 = 4704/2 = ₹2352
CGST charged by shopkeeper = CGST
= ₹2352
For the shopkeeper:
Purchasing amount = ₹14000
Selling amount = ₹16800
GST rate = 28%
∴ Input tax = 28/100 × 14000
= ₹3920
Output tax = 28/100 × 16800
= ₹4704
∴ GST payable while filling return
= 4704 – 3920
= ₹784
∴ CGST paid by shopkeeper
= GST/2 = 784/2 = ₹392
SGST payable by shopkeeper
= CGST
= ₹392
(10) For the given trading chain prepare the tax invoice I, II, III. GST at the rate of 12% was charged for the article supplied.
(1) Prepare the statement of GST payable under each head by the wholesaler, distributor and retailer at the time of filing the return to the government.
(2) At the end what amount is paid by the consumer?
(3) Write which of the invoices issued are B2B and B2C?
Solution:
(1) For wholesaler:
Taxable amount = ₹5000
GST rate = 12%
∴ GST payable = 12/100 × 5000
= ₹600
∴ Tax invoice I:
CGST payable = GST/2 = 600/2 = ₹300
SGST payable = CGST = ₹300
For Distributer,
Purchasing amount = ₹5000
Selling amount = 12%
∴ Input for GST rate = 12/100 × 5000
= ₹600
Output for = 12/100 × 6000
= ₹720
∴ GST payable = 720 – 600
= ₹120
∴ Tax invoice II:
CGST payable = GST/2 = 120/2 = ₹60
SGST payable = CGST = ₹60
For retailer:
Purchasing amount = ₹6000
Selling amount = ₹6500
GST rate = 12%
∴ Input tax = 12/100 × 6000
= ₹720
Output tax = 12/100 × 6500
= ₹780
∴ Tax invoice (III):
CGST payable = GST/2 = 60/2 = ₹30
SGST payable = CGST = ₹30
(2) Taxable amount customer = ₹6500
GST rate = 12%
∴ Total GST payable = 12/100 × 6500
= ₹780
∴ Total amount paid by customer
= 6500 + 780
= ₹7280
(3) Transactions for B2B: Wholesaler —-> distributor —> retailer
Transactions for B2C: Retailer —-> Customer