Murali Medical Stores is a retail trader who opted for composition scheme of VAT payment. Its turnover was ₹ 40 lakhs and no VAT was collected. It purchased medicines for ₹ 30 lakhs and paid VAT (input) of ₹ 2,40,000. Th
CS Executive · Tax Laws and Practice · PYQS · June 2017
Murali Medical Stores is a retail trader who opted for composition scheme of VAT payment. Its turnover was ₹ 40 lakhs and no VAT was collected. It purchased medicines for ₹ 30 lakhs and paid VAT (input) of ₹ 2,40,000. The VAT liability would be :
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Value Added Tax (VAT)
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