VAT is charged on the (Cost / Selling) Price of the article.

Write whether the given statement is True or False:

$\mathrm{SP}=\frac{100+\mathrm{loss}\%}{100}\times \mathrm{CP}$

$\mathrm{CP}=\frac{100}{(100+ \mathrm{gain}\%)}\times \mathrm{SP}$

Gain is reckoned on the selling price.

Write True or False:

The discount is allowed on the marked price.