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Question

Robin, the wholesaler has paid Rs. 6,500 tax at the time of purchase and collected 8,000 tax at the time of sale. Find the M-VAT payable by Robin.

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Solution

Tax paid at the time of purchase = Rs. 6,500.
Tax collected at the time of sale = Rs. 8,000.
M-VAT payable by Robin = Tax collected on sale Tax paid on purchase
= Rs. (80006500)
= Rs. 1500
Hence, M-VAT payable by Robin is Rs. 1500.

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