If S.P. = Rs 450, S.P. with VAT = Rs 495, find vat percent
1 answer:
By using the formulae of VAT Percentage we have required VAT percentage as 10%.
Given is S.P=Rs 450 (Selling Price)
S.P+VAT =Rs 495 (Selling Price+ Value added Tax)
Now we have to find Amount of VAT that is how much value added tax is imposed in the selling price.
To find out Amount of VAT we have to take Selling Price (S.P) and subtract it from Selling Price with VAT.
Amount of VAT = (S.P + VAT )- S.P
= Rs 495 - Rs 450
= Rs 45
VAT Percent = Amount of VAT /Selling Price x 100
Percentage of VAT =
= 10 %
So VAT percentage is 10%.
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