The marked price of a heating equipment is rs 16000. if the sales tax is 5%, find the price which the customer pays for it.
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To meet the article expenditures, the government imposes different types of taxes. Value Added Tax (VAT) is one of these. The VAT is calculated on the selling price, if a discount is given. If there is no discount then VAT is calculated on the marked (list) price of the article. In Exercise 13.3 of Chapter 13, we shall discuss problems based on value-added tax (VAT).
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TOTAL BILL= ( 100 + tax%)/100 × MP
= 115 / 100 × 16000
= Rs. 18,400
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