Goods and Service Tax (GST)

Important Questions

Class 10 Mathematics Chapter 1, ‘Goods and Service Tax’ is a tax that the Government charges when you buy things (goods) or use services. We provide the important questions related to class 10 Goods and service tax. These questions are very helpful to practice for class tests, unit tests, and exams. These questions are a valuable tool to boost students’ confidence in their mathematical abilities. They are designed to address any doubts or difficulties students may face while studying this topic. By engaging with these questions, students can enhance their understanding of this essential mathematical concept, making it easier for them to excel in their Class 10 Mathematics exams. So, let’s delve into important questions on gst class 10 ICSE 2023 questions and start the journey toward academic success!

Table of Contents

In the chapter GST class 10 icse 2023, Goods and Service Tax is a taxation system introduced in India to replace several different taxes with a single, unified tax. GST is applied when you buy goods (physical items) or use services (like getting your hair cut or ordering food at a restaurant). GST as we study in class 10 good and services tax replaces many different taxes that were applied to goods and services. It makes the tax system simpler. In your class 10 good and services tax chapter you will learn more about how to calculate GST, understand the different tax rates, and analyze the impact of GST on prices and the economy. Knowing about GST is not only useful for your exams but also for understanding the economic system around you.

GST, or Goods and Services Tax, as we study in GST class 10 icse 2023 is a single, comprehensive tax system introduced in India to replace multiple indirect taxes. It applies when you buy goods or use services and is designed to simplify the tax structure. GST is calculated on the value added at each stage of production and distribution, with different tax rates for different items. Businesses can benefit from Input Tax Credit by offsetting the tax they paid on purchases. It’s an essential concept to understand in the world of taxation and economics.”GST is computed based on the value added at each stage of the production and distribution process, and it features varying tax rates for different categories of items. Businesses can gain an advantage through Input Tax Credit, which allows them to offset the taxes they’ve paid on their purchases. Understanding GST is fundamental in the realms of taxation and economics.

(b) ₹ 120

(c) ₹ 150

(d) ₹ 200

**Ans.** (a) ₹ 90

**Explanation:**

C.P. for trader B = ₹ 1,000

S.P for trader B = ₹ 1,500

Since the transaction is inter-state,

∴ Tax liability on B

= Output IGST - Input IGST

= 18% of ₹ 1,500 - 18% of ₹ 1,000

= ₹ 270 - ₹ 180

= ₹ 90.

(b) ₹ 6,363.50

(c) ₹ 6,306.25

(d) ₹ 7,375

**Ans.** (d) ₹ 7,375

**Explanation:**

Total discounted price

= ₹ [2,000 + (5,000 - 15% of 5,000)]
= ₹ [2,000 + 4,250]
= ₹ 6,250

∵ GST rate = 18%

∴ CGST =SGST = 9% of ₹ 6,250

= ₹ 562.50

∴ Total amount Shashi has to pay

= ₹ 6,250 +₹ 562.50 + ₹ 562.50

= ₹ 7,375.

(ii) retailer’s cost price inclusive of tax.

(iii) GST paid by the wholesaler.

**Explanation:**

Sol. Given, wholesaler’s C.P. of a T.V.= ₹ 25,000

(i) Marked price of a T.V.

= ₹ 25,000 + 20% of ₹ 25,000

= ₹ 25,000 + ₹ 5,000

= ₹ 30,000. Ans.

(ii) Discount = 10% of ₹ 30,000

= 30.000 ×\frac{10}{100}×₹30,000 \\
Discount price

= ₹ 30,000 – ₹ 3,000

= ₹ 27,000

Tax for the wholesaler

= 8% of 27,000

= ₹ 2160

Retailer’s C.P. (Inclusive of all taxes)

= ₹ 27,000 + ₹ 2160

= ₹ 29,160. Ans.

(iii) Amount of GST to be paid by the wholesaler

= Tax on the value added by the wholesaler

= 8% of ₹ ( 27,000 – 25,000 )

=\frac{8}{100}×2000 \\
= ₹ 160. Ans

**Explanation:**

According to the question,GST on ticket of ₹ 90 = 18% of 90

=\frac{18}{100}×90
= ₹ 16.20GST on ticket of ₹ 140

= 28% of 140

=\frac{28}{100}×140
= ₹ 39.20

Difference between both GST = 39.20 - 16.20

= ₹ 23.00

(b) The cost of goods/services at Jaipur.

**Explanation:**

When the product is sold from Agra to Kanpur (intra - state transaction) :

For dealer in Agra:

S.P = ₹ 20,000

CGST = 9% of ₹ 20,000 = ₹ 1,800

SGST = 9% of ₹ 20,000 = ₹ 1,800

When product is sold from Kanpur to Jaipur (inter-state transaction):

For the dealer in Kanpur:

Input tax credit = ₹ 1,800 + ₹ 1,800 = ₹ 3,600

C.P = ₹ 20,000 and Profit = ₹ 5,000

S.P = ₹ 20,000 + ₹ 5,000 = ₹ 25,000

IGST = 18% of 25,000 = ₹ 4,500

Net GST paid by the dealer at Kanpur

= Output GST – Input GST

= 4,500 – 3,600 = ₹ 900

The cost of goods/services at Jaipur

= S.P in Kanpur + IGST

= 25,000 + 18% of 25,000

= 25,000 + 4,500 = ₹ 29,500

Chapter No. | Chapter Name |
---|---|

Chapter 1 | Goods and Service Tax (GST) |

Chapter 2 | Banking |

Chapter 3 | Shares and Dividends |

Chapter 4 | Linear inequations |

Chapter 5 | Quadratic Equations in one variable |

Chapter 6 | Ratio and proportion |

Chapter 7 | Factorization |

Chapter 8 | Matrices |

Chapter 9 | Arithmetic Progression |

Chapter 10 | Geometric Progression |

Chapter 11 | Coordinate Geometry |

Chapter 12 | Reflection |

Chapter 13 | Similarity |

Chapter 14 | Loci |

Chapter 15 | Circles |

Chapter 16 | Constructions |

Chapter 17 | Mensuration |

Chapter 18 | Trigonometry |

Chapter 19 | Statistics |

Chapter 20 | Probability |

Goods and Services Tax (GST) is a fundamental topic within the ICSE Class 10 Mathematics curriculum and carries substantial relevance in practical scenarios. It represents a consolidated tax system implemented in India to streamline and simplify the taxation framework by replacing a multitude of indirect taxes. If you seek additional practice and a deeper comprehension of the topics covered in the chapter, oswal.io offers an extensive array of questions on important questions on gst class 10 ICSE 2023 to facilitate a more profound understanding of the concepts.

Ans: GST stands for Goods and Services Tax. It’s a unified tax system that replaces several indirect taxes in India.

Ans: GST was introduced to simplify the tax structure, reduce tax evasion, and create a more transparent tax system.

Ans: GST has streamlined the tax system, boosted the formalization of the economy, and simplified inter-state trade.

Ans: CGST is a tax levied by the Central Government of India on the supply of goods and services within a state.
The revenue generated from CGST goes to the Central Government’s coffers. For example, when you purchase goods or services within your state, a part of the GST you pay is CGST.

Ans: Yes, encapsulation can improve security by preventing unauthorized access to sensitive data and ensuring that data can only be manipulated through controlled methods.

Chapter Wise Important Questions for ICSE Board Class 10 Mathematics |
---|

Goods and Service Tax (GST) |

Banking |

Shares and Dividends |

Linear inequations |

Quadratic Equations in one variable |

Ratio and proportion |

Factorization |

Matrices |

Arithmetic Progression |

Geometric Progression |

Coordinate Geometry |

Reflection |

Similarity |

Loci |

Circles |

Constructions |

Mensuration |

Trigonometry |

Statistics |

Probability |

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