About Lesson
Before we begin the computation of tax we need to understand the terms related to individuals buying or selling goods and services
DEALER
A dealer is an individual who buys goods and services for RESALE and not DIRECT CONSUMPTION. Which means he buys the product to forward it to CONSUMERS
COST PRICE:
The price at which the dealer buys the product is called as COST PRICE
LIST PRICE
List price is the marked or quoted price of the product set by the dealer