A person purchases electronic items worth ₹ 2,50,000. The shopkeeper charges him a sales tax of 21% instead of 12%. The consumer does not realise that he has overpaid. But after some time he finds that he has paid excess and asks the shopkeeper to return the excess money. The shopkeeper refuses and the consumer moves the consumer court. The court with due hearing orders the shopkeeper to pay the consumer the excess money paid by the way of sales tax, with an interest of 12% per annum. If the whole deliberation takes 8 months, what is the money that the consumer gets back?
Given: Taxable Amount = ₹ 2,50,000, Actual sales tax = 12%, Charged sales tax = 21%
Excess amount charged = 9% of 2,50,000
⇒ Excess amount charged =
Now, for interest:
P = ₹ 22500, R = 12%per annum, time = 8 months
Simple Interest =
Interest on Excess Amount =
Amount Received by consumer = ₹22500 + ₹1800 = ₹24300
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