Calculate the tax payable under MVAT Act, 2002

Mr. Vinu, a Registered Dealer of a Product covered under Schedule ‘E’ sells Goods
for ` 7,50,000. The Purchase required for the product is procured from Registered
Dealers within the State as under :
Material X Covered by Schedule ‘C’ ` 2,00,000.
Material Y Covered by Schedule ‘E’ ` 4,00,000.
Mr. Vinu had a Opening Balance (Credit) in VAT Credit Receivable Account of ` 15,000.
Mr. Vinu had utilised material Y for manufacture of Tax-free Goods.
Calculate the tax payable under MVAT Act, 2002. (April 06, adapted)