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In a particular year , shopkeeper purchased goods worth ₹ 4,00,000 and paid a total tax of ₹ 40000. During the same year, he sold all the goods purchased as below : (i) goods worth ₹ 25,000 at 5% tax, (ii) goods worth ₹ 3,60,000 at 12% tax and (iii) goods worth ₹ 15000 which are exempted from tax. Calculate the tax liability (under VAT) for the year under consideration. |
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Answer» In a particular year , shopkeeper purchased goods worth ₹ 4,00,000 and paid a total tax of ₹ 40000. During the same year, he sold all the goods purchased as below : |
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