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ICSE Class 10 Answered

6 no.
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Asked by dollygupta21980 | 15 Jun, 2020, 10:14: AM
answered-by-expert Expert Answer
A retailer buys an article for rs. 800 and pays the sales-tax at the rate of 8%. The retailer sells the same article to a customer for rs. 1,000 and charges sales-tax at the same rate. Find:
(i) the price paid by a customer to buy this article.
(ii) the amount of VAT paid by the retailer.
Solution:-
Price of an article for retailer = Rs. 800
Sales-tax paid by retailer = 8% of 800 = Rs. 64
Price of article for customer = Rs. 1000
Sales-tax paid by customer = 8% of 1000 = Rs. 80
Price paid by a customer = 1000 + 80 = Rs. 1080
The amount of VAT paid by the retailer = 80 - 64 = Rs. 16
 
Note: These type of questions are not included in the ICSE X syllabus as it is replaced with GST.
Answered by Renu Varma | 15 Jun, 2020, 11:05: AM
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