All questions

• Smt. Desai sold shares of face value ₹ 100 when the market value was ₹ 50 and received ₹ 4988.20. She paid brokerage 0.2% and GST on brokerage 18%, then how many shares did she sell? Answer: 100 shares For one share: brokerage = 0.2% of 50 = ₹ 0.10 GST on brokerage = 18% of 0.10 = ₹ 0.018 Amount received per share (sellin... Financial Planning 1 answer
• Mr. D'souza purchased 200 shares of FV ₹ 50 at a premium of ₹ 100. He received 50% dividend. He sold 100 shares at a discount of ₹ 10 and the rest at a premium of ₹ 75, paying ₹ 20 brokerage per trade. Gain or loss? By how much? Answer: Loss of ₹ 8560 Purchase: MV = 50 + 100 = ₹ 150 . Cost = 200 × 150 + 20 = ₹ 30,020 . Dividend: 50% of 50 = ₹ 25 per share; total = 20... Financial Planning 1 answer
• Write the correct alternative: Rate of GST on essential commodities is ... Answer: (C) 0% Essential commodities (such as fresh food grains, milk, vegetables) are kept outside the tax burden, so the GST rate on them... Financial Planning 1 answer
• Write the correct alternative: The tax levied by the central government for trading within state is... Answer: (B) CGST Within a state, GST is split into CGST (collected by the Centre) and SGST (collected by the State). IGST is for inter-state... Financial Planning 1 answer
• Write the correct alternative: GST system was introduced in our country from ... Answer: (D) 1st July 2017 GST came into force in India on 1st July 2017. Financial Planning 1 answer
• Write the correct alternative: The rate of GST on stainless steel utensils is 18%, then the rate of State GST is ... Answer: (B) 9% SGST is half of GST: 18% ÷ 2 = 9% . Financial Planning 1 answer
• Write the correct alternative: In the format of GSTIN there are ... alpha-numerals. Answer: (A) 15 GSTIN is a 15-character alphanumeric number: 2-digit state code, 10-character PAN, entity number, the letter Z by default and... Financial Planning 1 answer
• Write the correct alternative: When a registered dealer sells goods to another registered dealer under GST, then this trading is termed as ... Answer: (B) B2B A sale from one registered business to another is Business to Business (B2B); sale to a consumer is B2C. Financial Planning 1 answer
• 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? Answer: Total amount = ₹ 28,800; CGST = ₹ 3150 and SGST = ₹ 3150 Discount = 10% of 25000 = ₹ 2500 ; taxable value = ₹ 22,500 . CGST = 14% of... Financial Planning 1 answer
• 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? Answer: ₹ 997.50 Discount = 5% of 1000 = ₹ 50 ; taxable value = ₹ 950 . GST = 5% of 950 = ₹ 47.50 Price = 950 + 47.50 = ₹ 997.50 Financial Planning 1 answer
• 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? Answer: ₹ 12,500 GST = 250000 × 5/100 = ₹ 12,500 Both traders are in Gujarat, so this is paid as CGST ₹ 6250 + SGST ₹ 6250. Financial Planning 1 answer
• 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? Answer: ITC = ₹ 4250; GST payable = ₹ 250 ITC = GST paid on purchase = 5% of 85000 = ₹ 4250 Output tax = 5% of 90000 = ₹ 4500 GST payable =... Financial Planning 1 answer
• 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? Find the amount of CGST and SGST payable by the company. Answer: ITC = ₹ 1550; payable CGST = ₹ 5030 and payable SGST = ₹ 5030 Output tax = 18% of 64500 = ₹ 11,610 ITC = GST already paid = ₹ 1550.... Financial Planning 1 answer
• 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. Answer: Taxable value = ₹ 75,000; CGST = ₹ 4500 and SGST = ₹ 4500 Let taxable value be ₹ x . Then x + 0.12x = 84000 . x = 84000/1.12 = 75000... Financial Planning 1 answer
• A wholesaler purchased electric goods for taxable amount ₹ 1,50,000, sold to retailer for ₹ 1,80,000; retailer sold to customer for ₹ 2,20,000 (taxable). GST 18%. Show GST in the sales invoices and payable CGST, SGST for wholesaler and retailer. Answer: Invoices: wholesaler CGST = SGST = ₹ 16,200; retailer CGST = SGST = ₹ 19,800. Payable: wholesaler ₹ 2700 each, retailer ₹ 3600 each... Financial Planning 1 answer
• Anna Patil (Thane) supplied a vacuum cleaner to a shopkeeper in Vasai for taxable value ₹ 14,000, GST 28%. Shopkeeper sold it for ₹ 16,800 (taxable value) at the same rate. Find CGST, SGST in both invoices and those payable by the shopkeeper. Answer: (1) CGST = SGST = ₹ 1960 (2) CGST = SGST = ₹ 2352 (3) payable CGST = SGST = ₹ 392 (1) CGST = 14% of 14000 = ₹ 1960 ; SGST = ₹ 1960.... Financial Planning 1 answer
• Trading chain: Wholesaler sells to Distributor at taxable value ₹ 5000 (invoice I), Distributor to Retailer at ₹ 6000 (II), Retailer to Consumer at ₹ 6500 (III). GST 12%. Prepare tax invoices I, II, III and answer the questions. Answer: (1) Payable GST: wholesaler ₹ 600, distributor ₹ 120, retailer ₹ 60 (each split equally into CGST and SGST) (2) ₹ 7280 (3) I and II... Financial Planning 1 answer
• Write the correct alternative: If the Face Value of a share is ₹ 100 and Market value is ₹ 75, then which of the following statements is correct? Answer: (B) The share is at discount of ₹ 25 MV is less than FV, so the share is at a discount of 100 - 75 = ₹ 25 . Financial Planning 1 answer
• Find the 27th term of the following A.P. 9, 4, -1, -6, -11, . . . Answer: t₂₇ = -121 Here a = 9 , d = -5 , n = 27 . t_n = a + (n - 1)d t₂₇ = 9 + (27 - 1)(-5) = 9 + -130 = -121 Arithmetic Progression 1 answer
• Find how many three digit natural numbers are divisible by 5. Answer: 180 Three-digit numbers divisible by 5: 100, 105, 110, ..., 995. This is an A.P. with a = 100 , d = 5 , t_n = 995 . 995 = 100 + (n -... Arithmetic Progression 1 answer
• The 11th term and the 21st term of an A.P. are 16 and 29 respectively, then find the 41th term of that A.P. Answer: t₄₁ = 55 t₁₁ = a + 10d = 16 ... (I) t₂₁ = a + 20d = 29 ... (II) (II) − (I): 10d = 13 , so d = 1.3 . Then a = 16 - 13 = 3 . t₄₁ = a +... Arithmetic Progression 1 answer
• 11, 8, 5, 2, . . . In this A.P. which term is number -151? Answer: −151 is the 55th term. a = 11 , d = 8 - 11 = -3 . Let t_n = -151 . -151 = 11 + (n - 1)(-3) (n - 1)(-3) = -162 n - 1 = 54,\ n = 55 Arithmetic Progression 1 answer
• In the natural numbers from 10 to 250, how many are divisible by 4? Answer: 60 Numbers divisible by 4 from 10 to 250: 12, 16, 20, ..., 248. A.P. with a = 12 , d = 4 , t_n = 248 . 248 = 12 + (n - 1)4 (n - 1)4... Arithmetic Progression 1 answer
• In an A.P. 17th term is 7 more than its 10th term. Find the common difference. Answer: d = 1 t₁₇ - t₁₀ = 7 (a + 16d) - (a + 9d) = 7 7d = 7,\ d = 1 Arithmetic Progression 1 answer