Question

if the price of a toaster including vat at 12% is 2240 than the vat amount is

Answer 1

The VAT amount is Rs. 240.

Explanation:

The VAT estimation method for VAT exclusion is as follows: to measure VAT from a gross sum, you will divide the gross amount by 1 + VAT percentage (i.e. if it is 25%, then you should divide by 1.25), then deduct the gross number, multiply by -1 and round to the nearest value.

Given: Toaster price = 2240

VAT = 12%

VAT amount = ?

Assume the original price be x.

Let the original price be x

Then,  x + 12% of x = 2240

$x+\frac{12}{100}\times x = 2240$  = 2240

$\frac{100x + 12x}{100} =2240$

$\frac{112x}{100}=2240$

112x = 2240 x 100 ⇒ 224000

x = $\frac{224000}{112}$

x = 2000.

So, the original price of toaster = Rs. 2000.

The VAT amount = 2240 - 2000 ⇒ Rs. 240.

The VAT amount is Rs. 240.

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