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Question
Mr. Gupta is a manufacturer. He sells a machine to a trader A for Rs 25,000. Trader A sold it to B at a profit of Rs 3,500 and B sold it to C at a profit of Rs 2,500. If VAT is calculated at 8%, find the amount of tax paid to the government. Also, find the price paid by the customer for the machine.
Solution
S.P for the manufacturer= Rs 25,000
S.P. for trader A= Rs (25,000 + 3,500) =Rs 28,500
S.P. for trader B =Rs (28,500+ 2,500) = Rs 31,000
VAT charged by trader B = 8 % of S.P.
`= 8/100 xx "Rs" 31000`
= Rs 2480
C.P. for the customer (considering C to be the customer)
= S.P. +VAT
=Rs (31,000 + 2,480)
=Rs 33,480 Tax received by the government (VAT) =Rs 2,480
Price paid by customer= Rs 33,480
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