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Question
A bicycle is available for Rs 1,664 including sales tax. If the list price of the bicycle is Rs 1,600, find :
(1) the rate of sales tax.
(2) the price, a customer will pay for the bicycle if the sales tax is increased by 6%.
Solution
Price of bicycle inclusive of sales tax = Rs. 1,664
List price of bicycle = Rs. 1,600
(1)`∴ "Rate of sales tax" = "sales tax"/"list price" xx 100% = 64/1600 xx 100% = 4%`
(2) New rate of sales tax =(4+6)% = 10%
New total price = Rs. 1,600+ 10% of Rs. 1,600
`= "Rs." 1600 + 10/100 xx 1600`
= Rs. 1600 + Rs. 160
= Rs. 1760
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Fill in the blanks:
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As per GST System
- S.P. at station A = ______
- CGST = ______
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