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A shopkeeper purchased a sack of rice in Rs. 6890 and he paid 4% tax on it. Now shopkeeper sold that sack of rice in Rs. 7900 and charges tax 6% on it. Find the value added tac on it?
  1. Rs. 202.6
  2. Rs. 198.4
  3. Rs. 193.5
  4. None of these
Explanation

To find the value-added tax (VAT), we need to calculate the tax paid on purchase and tax charged on sale, then find the difference.

Purchase price = Rs. 6890

Tax paid on purchase = 4% of 6890

= 0.04 × 6890

= Rs. 275.6

Sale price = Rs. 7900

Tax charged on sale = 6% of 7900

= 0.06 × 7900

= Rs. 474

Value-added tax (VAT) = Tax charged on sale - Tax paid on purchase

= 474 - 275.6

= Rs. 198.4

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