Posted by Anonymous on .
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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Steve,
Is the VAT based on the cost, or the increase in price?

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Anonymous,
vat means value added tax

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Steve,
yes, but I don't know the details of how it is calculated.

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Anonymous,
question has insufficient data

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Steve,
Is the vat calculated on the cost (23,000), like sales tax, or on the increase (6,000)?

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Anonymous,
yes

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Anonymous,
,klhk