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Sales Tax and VAT

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Sales Tax and VAT Lessons

Solve Amalgamation Problem In 7 Steps
Step 1: Identify nature of Amalgamation: If the six conditions of amalgamation in nature of merger not satisfied then it is treated as amalgamation in nature of purchase. If the information provided in...
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Goods & Service Tax And Its Working
Goods and Service Tax (GST) as the name suggest is a one single tax on the supply of goods and services, right from the Manufacturing to the ultimate delivery to customer. Credits of input tax paid at...
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FAQ: Consolidated Financial Statement Of The Company
i. Who will prepare the Consociated Financial Statement? As stated in Section 129 It is duty of the Parent Company (Management) to prepare the consolidated financial statement of the company and laid...
F

GST Updates
For dealers having turnover above Rs 5 crores, it is said that 4 digits of HSN code are to be mandatorily mentioned in the invoice. Since the code is of 8 digits, could you please tell me which 4 digits...
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Goods and Service Tax: A Detailed Explanation With Examples.
Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper...
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Sales Tax and VAT Questions

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Answered on 05/12/2016 Learn Sales Tax and VAT +2 CBSE/Class 10/Mathematics Tuition/Class IX-X Tuition

Chandan Singh

Tutor

Let the price of the refrigerator without sales tax = P. Here, the selling price S = 17600 and the rate of sales tax i.e., r = 10 S = P(1 + r/100) 1700= P(1 + 10/100) P * 11/10 = Rs. 17600 Therefore, P = 17600 × 11/10 = 1600 × 10 = Rs. 16000 Therefore, the sale tax = Selling price - Printed price ... read more
Let the price of the refrigerator without sales tax = P. Here, the selling price S = 17600 and the rate of sales tax i.e., r = 10 S = P(1 + r/100) 1700= P(1 + 10/100) P * 11/10 = Rs. 17600 Therefore, P = 17600 × 11/10 = 1600 × 10 = Rs. 16000 Therefore, the sale tax = Selling price - Printed price = 17600 - 16000 = Rs. 1600 read less
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Answered on 01/12/2016 Learn Sales Tax and VAT +2 CBSE/Class 10/Mathematics Tuition/Class IX-X Tuition

Khushbu

I have 1 year of experience in this field

Calculating the car is the base cost of an item multiplied by the appropriate vat rate for the item.example-if an item costs$100 vat rate of 20% the vat calculation is 100*20/100=20.
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