PLS SOLVE THIS QUESTION
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PLS SOLVE THIS QUESTION
Will mark AS BRAINLIEST FOR THE BEST ANSWER..
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VAT = Output Tax – Input tax
Suppose Ravi is a carpenter who bought wood for Rs.1000 and paid an input tax of 10% = Rs.100
Ravi made a wooden table out of the purchased wood and sold it for Rs.2000. On this he collected an output tax of 10% on the selling price = 10% of 2000 = Rs.200
So, final VAT payable comes out to be Output Tax – Input Tax = Rs.200-Rs.100 = Rs.100
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