Question

on which figure the VAT of the product is calculated a. SP b. CP c. MP d. None of these

Answer 1

a) selling price ( sp)

Answer 2

VAT of the product is calculated on SP

Step-by-step explanation:

SP - Sales Price

CP - Cost Price

MP - Marked Price

VAT - Value added Tax

VAT of the product is calculated on SP

VAT is globally used but rate of VAT changes region wise , also product wise

India has now implement GST ( Goods & Service Tax) instead of VAT

which has  5 , 12 , 18 & 28 % rate based on products

VAT is an indirect Tax

Learn more:

If VAT is included in the price, find the original price of each of the ...

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