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If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What
is Vat Payable?
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Answer Posted / mohammed fareed
Sales Rs. 1000/- inclusive of taxes
VAT @ 20%
therefore : sales + vat = total sales
In numbers: 100 + 20 = 120
i.e vat = 1000*20/120 = 166.67/-
sales=1000*100/120= 833.33/-
IF sales is exclusive of taxes:
Rs.1000*20%= Rs.200/-
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