Advertisements
Advertisements
प्रश्न
In the tax period ended March 2015, M/S Hari Singh & Sons purchased floor tiles worth ₹ 800000 taxable at 7.5% and sanitary fittings worth ₹ 750000 taxable at 10%. During this period, the sales turnover for floor tiles and sanitary fittings is worth ₹ 840000 and ₹ 920000 respectively. However, the floor tiles worth ₹ 60000 were returned by the firm during the same period. Calculate the tax liability (under VAT) of the firm for this tax period.
Advertisements
उत्तर
Cost of floor tiles = ₹ 800000
Rate of tax = 7.5%
= `(15)/(2)%`
∴ VAT
= `(800000 xx 15)/(100 xx 2)`
= ₹60000
Cost of sanitary fittings = ₹750000
Rate of VAT = 10%
Total VAT
= ₹`750000 xx (10)/(100)` = ₹75000
∴ Total input
= ₹60000 + ₹75000
= ₹135000
On the sale of floor tiles for = ₹840000
Rate of VAT = `(15)/(2)%`
Total VAT
= `840000 xx (15)/(100 xx 2)`
= ₹63000
and on sale of sanitary fittings = ₹920000
Rate of VAT = 10%
∴ Total VAT
= `₹920000 xx (10)/(100)` = ₹92000
Total input tax
= ₹63000 + ₹92000
= ₹155000
Return of floor tiles worth
=₹60000
Liability of tax of the firm
= 155000 – (135000 + 4500)
= ₹155000 – ₹139500
= ₹15500.
APPEARS IN
संबंधित प्रश्न
A shopkeeper bought a washing machine at a discount of 20% from a wholesaler, the printed price of the washing machine being Rs. 18,000. The shopkeeper sells it to a consumer at a discount of 10% on the printed price. If the rate of sales tax is 8%, find:
(i) the VAT paid by the shopkeeper.
(ii) the total amount that the consumer pays for the washing machine
The printed price of an article is ₹ 60000. The wholesaler allows a discount of 20% to the shopkeeper. The shopkeeper sells the article to the customer at the printed price. Sales tax (under VAT) is charged at the rate of 6% at every stage. Find :
(i) the cost to the shopkeeper inclusive of tax.
(ii) VAT paid by the shopkeeper to the Government.
(iii) the cost to the customer inclusive of tax.
Tarun bought and article for Rs. 8000 and spent Rs. 1000 for transportation. He marked the article Rs. 11,700 and sold it to a customer. If the customer had to pay 10% sales tax, find:
(1) the customer’s price
(2) Tarun’s profit percent.
Rajat purchases a wrist-watch costing Rs 540. The rate of sales tax is 8%. Find the total amount paid by Rajat for the watch.
The marked price of two articles A and B together is Rs 6,000. The sales tax on article A is 8% and that on article B is 10%. If on selling both the articles, the total sales tax collected is Rs 552, find the marked price of collected of the articles A and B.
Q
A shopkeeper sells an article for Rs. 248.50 after allowing a discount of 10%. Find the list price of the article.
Savita purchased an almirah for Rs. 4536 including sale tax. If the list price of the almirah is Rs. 4,200, find the rate of sale tax charged.
A manufacturer buys raw material for ₹ 40000 and pays sales tax at the rate of 4%. He sells the ready stock for ₹ 78000 and charges sales tax at the rate of 7.5%. Find the VAT paid by the manufacturer.
In a particular tax period, Mr. Sunder Dass, a shopkeeper purchased goods worth ₹ 960000 and paid a total tax of ₹ 62750 (under VAT). During this period, his sales consisted of a taxable turnover of ₹ 400000 of goods taxable at 6% and ₹ 480000 for goods taxable at 12.5%. He also sold tax exempted goods worth ₹ 95640 in the same period. Calculate his tax liability (under VAT) for this period.
