Calculate the Set off and Tax payable under MVAT Act, 2002 from the following
details of August, 2012 of M/s. Ragnekar Associates.
Particulars `
Local purchases from Registered Dealers 12,00,000
Purchases from Unregistered Dealers 2,00,000
Sales Price of Goods 20,00,000
Inter State Stock Transfer 4,00,000
The ratio of Stock Transfer to total sales 20%. M/s. Ragnekar Associates had an
Opening Balance (Credit) in VAT credit Receivable Account of ` 12,500.
(April.07,adapted)
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