Question

A trader buys some goods for Rs. 12,000 and sells them for Rs. 15,000. If the rate of tax under VAT is 12%,

Answer 1

Tax will be levied on ₹15,000 @ rate of 12%, i.e.,₹1,800.
However, credit can be availed of ₹1,440. (i.e., ₹12,000×12%).
Hence, net tax liability will be ₹360.

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