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OpenStudy (anonymous):
A manufacture of furniture sells a sofa set to a retailer for Rs 23000.the retailer, inturn, sells the sofa set to a customer for Rs 29000. find the VAT rate as percent,if the retailer pays Rs520 as VAT.
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OpenStudy (anonymous):
what is VAT ?
OpenStudy (anonymous):
value added tax
OpenStudy (anonymous):
if 29000 is the price including the tax, then subtract 520 from 29000 to get 28480. this is the price before tax then compute 520/28480 to get a tax rate that is how i interpret what you are saying
OpenStudy (anonymous):
where does Rs. 23000 gone
OpenStudy (anonymous):
isn't 23000 what the retailer paid for it?
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