the Marked price of an article is Rs 7000 and is available at a discount of 20%
Manoj buys the article and then sold it at its marked price if the rate of tax at each stage is 10% find the VAT paid by Manoj
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Step-by-step explanation:
M.P. an article = ₹7000
Discount rate = 20%
C.P. for Manoj = ₹7000 – 20% of 7000
₹7000 - ₹1400 = ₹5600
∴ Tax paid by Manoj = ₹ (5600 × 10)/100 = ₹560
S.P. of an article = ₹7000
Tax charged by Manoj = ₹ (7000 × 10)/100 = ₹700
VAT paid = Tax charged – Tax paid
= ₹700 - ₹560 = ₹140
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