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Question

Mohan paid tax Rs. 1000 on purchase value and collected Rs. 1200 tax on sale value. Find the M-VAT payable by Mohan.

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Solution

Amount of tax paid by Mohan = Rs. 1,000
Amount of tax recovered by Mohan= Rs, 1200
Thus, the M-VAT payable to Mohan= Rs. 1,200 Rs. 1,000= Rs. 200.

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