Practice - Formulas - 1.1.2
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Practice Questions
Test your understanding with targeted questions
Calculate the GST on a taxable amount of ₹20,000 at 10%.
💡 Hint: Use the formula GST = Taxable Amount × GST Rate.
If the cost price is ₹5,000 and GST is ₹500, what is the final price?
💡 Hint: Final price is the cost price plus GST.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does GST stand for?
💡 Hint: Think about what taxes apply to goods and services.
True or False: Input Tax Credit reduces the net GST payable.
💡 Hint: Consider how businesses manage the taxes they pay.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A wholesaler sells goods worth ₹50,000 with a GST rate of 18%. Calculate how much GST is due, and if they bought the goods for ₹40,000 with 18% GST paid. What is the net GST payable?
💡 Hint: Find the GST for both sales and purchases using the formula.
If a business sells products for ₹100,000 inclusive of 15% GST and purchases supplies for ₹80,000 plus 15% GST, calculate the total tax amount collected and the net GST liability.
💡 Hint: Use the formulas to determine GST collected and payable.
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