A dealer imported raw material costing ₹12,00,000 inclusive of import duty at 20% rate. He also made purchases locally in the State costing ₹1,04,000 inclusive of 4% VAT. Both the materials were sold at 10% profit on cos
CS Executive · Tax Laws and Practice · PYQS · December 2016
A dealer imported raw material costing ₹12,00,000 inclusive of import duty at 20% rate. He also made purchases locally in the State costing ₹1,04,000 inclusive of 4% VAT. Both the materials were sold at 10% profit on cost and VAT payable by the dealer is 4% on turnover. The dealer is liable to pay VAT amounting to —
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: VAT
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