Practice Key Concepts (1.1.1) - Commercial Mathematics

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10 questions

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6 sample questions

Question 1.
Define Goods and Services Tax.
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Think of it as a tax on sales.
Question 2.
What does CGST stand for?
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It relates to the central government.
3Question 3.
What is GST?
- A type of income tax
- An indirect tax on goods and services
- A flat tax on all products
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Think about how products are taxed when sold.
4Question 4.
CGST is collected by which government?
- State government
- Central government
- Local government
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Remember the difference between state and central taxes.
Question 5.
A company far away in another state sells its products for ₹25,000 to a local shop. If the IGST rate is 12%, calculate the total GST and the amount the local shop will need to pay.
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Calculate GST using the sales price and add it to determine the total.
Question 6.
A trader buys goods for ₹50,000 with a CGST of 9% and SGST of 9%. If the total price including tax is his selling point, what is the selling price if he sells at a 10% profit?
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Determine the GST first, then calculate selling price including his desired profit.

6 more questions in this section. Enroll free to practise them all.