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The marked price of an item is Rs 8000. The manufacturing company of the item sells it to a shopkeeper at a discount of 15%. The shopkeeper sells it to consumer at the marked price. If the rate of sales tax (under VAT) on the item is 6%, find: i) the amount of VAT paid by the company ii) the amount of VAT paid by the shopkeeper iii) the amount which the consumer paid for the item |
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Answer» The marked price of an item is Rs 8000. The manufacturing company of the item sells it to a shopkeeper at a discount of 15%. The shopkeeper sells it to consumer at the marked price. If the rate of sales tax (under VAT) on the item is 6%, find: i) the amount of VAT paid by the company ii) the amount of VAT paid by the shopkeeper iii) the amount which the consumer paid for the item |
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