X purchased goods from a manufacturer on payment of ₹4,16,000 (including VAT) and earned a profit of 20% on purchase price. VAT rate on both purchase and sale is 4%. The net VAT payable on sale price is
CS Executive · Tax Laws and Practice · PYQS · December 2015
X purchased goods from a manufacturer on payment of ₹4,16,000 (including VAT) and earned a profit of 20% on purchase price. VAT rate on both purchase and sale is 4%. The net VAT payable on sale price is
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: VAT (Value Added Tax)
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