Question
A trader sells entire raw material to a manufacturer of finished products in the same state. He buys his stock in trade from other states as well as from the local markets. Following transactions took place during the financial year 2012-13: Cost of materials purchased from other States including central sales tax @2% Rs 3,06,000 Cost of local materials including VAT: Rs 6,75,000 Other expenditure including storage transport, interest, loading and unloading and profit earned by him: Rs 2,62,500 Assuming the rate of VAT @ 12.50%, what will be the VAT and invoice value charged by him to the manufacturer?
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