Compute net VAT liability of Vishnu from the following information : Imports of raw materials from foreign market (includes duty paid on imports @ 20%) ₹2,40,000 Raw material purchased from local market : Cost of raw mat

Compute net VAT liability of Vishnu from the following information : Imports of raw materials from foreign market (includes duty paid on imports @ 20%) ₹2,40,000 Raw material purchased from local market : Cost of raw material including excise duty ₹8,42,700 Add : VAT @ 4% ₹33,708 Total ₹8,76,408 Raw material purchased from neighbouring State (includes CST @ 2%) ₹1,02,000 Storage and transportation cost ₹51,000 Manufacturing expenses ₹2,60,000 Vishnu sold goods to Shiv and earned profit @ 20% on the cost of production. VAT rate on sale of such goods is 4%.