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Krishna Electricals had bought a TV from a wholesaler of Rs.36000. The marked price on it in Krishna Electricals was Rs.50000. If it was sold to Kalyan Deshmukh at 10% discount, calculate the input GST and output GST for Krishna Electricals if the rate of GST is 18%.

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Last updated date: 15th Jul 2024
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Answer
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Hint: Discount: The definition of discount is reduced prices being sold at a lower price than the price marked on the objects. Discount can be calculated on the percentage given. They usually give you a discount. Discount always given in the selling price of the object.
$ Discount = marked\,price - selling\,price$

Complete step by step solution:
Given,
Cost price of the object, CP=Rs36000
Marked price of the object, MRP=Rs50000
Discount, D=10%
Rate of GST=18%
According to the question
Input GST of TV will be,
\[ \Rightarrow GST = \dfrac{{18}}{{100}} \times CP\]
Put the value of CP
\[ \Rightarrow GST = \dfrac{{18}}{{100}} \times 36000\]
\[ \Rightarrow GST = 18 \times 360\]
\[ \Rightarrow GST = Rs.6480\]
Now
Marked price of TV, MRP=Rs.50000
Discount, D=10%
$ = \dfrac{{10}}{{100}} \times 50000$
$ = Rs.5000$
So the selling price is,
$ \Rightarrow SP = MRP - Discount\, Price$
Put the value
$ \Rightarrow SP = 50000 - 5000$
$ \Rightarrow SP = Rs.45000$
Output GST for TV will be
\[ \Rightarrow GST = \dfrac{{18}}{{100}} \times SP\]
Put the value of SP
\[ \Rightarrow GST = \dfrac{{18}}{{100}} \times 45000\]
\[ \Rightarrow GST = 18 \times 450\]
\[ \Rightarrow GST = Rs.8100\]
Therefore, Input GST for Krishna Electrical=Rs.6480
Output GST for Krishna Electricals=Rs.8100


Note:
Cost price of an article is, in which they bought from a wholesaler. Selling price is in which they sell the object to the customer. The difference between selling and cost price is known as profit and loss. If the selling price is more than the cost price (SP>CP) is called profit. Cost price is more than selling price (CP>SP) is called loss. It can also be calculated in percentage.