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Finding Sales Tax / VAT

Mohan paid ta...

Question

Mohan paid tax Rs. $1, 000$ on purchase value and collected Rs. $1, 200$ 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. $1, 200$
Thus, the M-VAT payable by Mohan $=$ Rs. $1, 200 -$ Rs. $1, 000 =$ Rs. $200$

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