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Question
Manu purchases some goods for ₹ 2,000 and sells them for ₹ 2,500. If the rate of GST is 18%, the tax liability on Manu is ______.
Options
₹ 360
₹ 450
₹ 90
₹ 900
Solution
Manu purchases some goods for ₹ 2,000 and sells them for ₹ 2,500. If the rate of GST is 18%, the tax liability on Manu is ₹ 90.
Explanation:
Cost price of some goods for Manu = ₹ 2000
Rate of GST = 18%
Input GST = 18% of ₹ 2000
= `₹(18/100 xx 2000)`
= ₹ 360
Selling price of some goods = ₹ 2500
Output GST = 18% of ₹ 2500
= `₹(18/100 xx 2500)`
= ₹ 450
∴ Tax Liability of Manu = Output GST – Input GST
= ₹ 450 – ₹ 360
= ₹ 90
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