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The value of a car including VAT is Rs. 382500. If the basic price of the car be Rs. 340000, find the rate of VAT on cars.

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Best answer

Selling Price = Rs.382500 

Original Price = Rs.340000 

VAT Amount = 382500- 340000 

= Rs.42500 

VAT % = (VAT Amount/Original Price) × 100 

= (42500/340000) × 100 

= 12.5% 

So, Rate of VAT on Car is 12.5%

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