QUIZ OF THE DAY

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During a financial year, a shopkeeper purchased goods worth Rs. 4, 15, 000 and paid a total tax of Rs. 38, 000. 

During the same financial year, he sold all the goods purchased as below:

i) Goods worth Rs. 50,000 at 5% tax.

ii) Goods worth Rs. 3, 20, 000 at 12% tax.

iii) Goods worth Rs. 45, 000 which are exempted from tax.

Calculate the tax liability (under VAT) for the financial year under consideration.

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