UrbanPro

Location Set your Location

Login Ask & Answer Success Stories Paid Courses Free Classes Tuition & Classes Fees Write a Review All Categories Help Center
Post your Learning Need Signup as a Tutor
✕

Popular Cities

Bangalore

Hyderabad

Delhi

Mumbai

Chennai

Pune

Kolkata

Gurgaon

Ahmedabad

Jaipur

Noida

✕

Take Class 10 Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Book a Free Demo

Class 10 > Learn Mathematics > Kylie buys an article for Rs. 10000 and pays 7% tax....
✕

Search in

Kylie buys an article for Rs. 10000 and pays 7% tax. He sells the same article for Rs. 13000 and charges 9% tax. Find the VAT paid by Kylie?

Asked by Last Modified  

2 Answers

Learn Mathematics +2 Class IX-X Tuition Sales Tax and VAT

Follow 0
Answer

Please enter your answer

Tutor

For Purchase Kylie will pay 7% on 10000 = Rs. 700 On Sales, he will pay ( 9% on 13000) - 700= 1170-700= Rs. 470.
Comments
Dislike Bookmark

B.Tech, MS

In simple words, Value Added Tax = Output Tax -- Input Tax. Now let’s see how Input and Output Tax are calculated: Input VAT: Amount paid by Kylie (buyer) as a percentage of cost price for goods/services used to make a final product Given, the Cost Price of a goods/services is = INR 10000 Given, the...
read more
In simple words, Value Added Tax = Output Tax – Input Tax. Now let’s see how Input and Output Tax are calculated: Input VAT: Amount paid by Kylie (buyer) as a percentage of cost price for goods/services used to make a final product Given, the Cost Price of a goods/services is = INR 10000 Given, the VAT rate(which Kylie has paid) is 7%, Input VAT (VAT paid during Kylie buying the article) = INR Rs. 700. Output VAT: Amount received by a Kyile (now seller) as a percentage of the selling price of the final product. Given, the Selling Price of the Product by Kylie is = INR Rs. 13000. Then, Output Tax (VAT collected by Kylie with 9% during resale) = INR Rs. 1170. VAT Payable: VAT Payable = Output VAT – Input VAT = INR ( 1170 – 700) = INR Rs. 470 The INR Rs. 470 is paid by Kylie. Remember:- • If you are registered for VAT, you are liable to pay VAT only at one stage, when you are selling the product • You would have paid VAT while purchasing goods from your suppliers. This VAT will not be your cost as you will deduct a corresponding amount from tax on your sales. read less
Comments
Dislike Bookmark

Related Questions

What is known as pythagoras theorem?
Hypotenuse square=side1 square + side2_square
Gopika
What is the best all day timetable for class 9th & 10th students?
It depends on syllabus...n also depends on student's ability
Sriomprakash
0 0
5
Which is the best website for learning Class 9 mathematics?
By searching on YouTube
Ashmita
0 0
6
How do I pass 9th Grade?
Preparation and practice is the only key to success. So work hard and prepare well...
Rahul
0 0
6
Is it necessary to join a tuition class in class 10?
It is not necessary but if you have any doubts, you should clear it with your family person or a tutor. If your basics are clear you can practice through reference books.
Harsha
0 0
7

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Arithmetical progression(AP)
Definition: In the sequencial series, if commen difference between any two successive terms is same the sequence is called in AP. Ex: 2,4,6,8,10... here, first term=t1=a=2 second term=t2=4 ...

Ramakrishna Dhooli

0 1
0
Polynomials Class 10 Basics of Chapter 2
A polynomial is a mathematical expression consisting of variables (also known as indeterminates) and coefficients, combined using the operations of addition, subtraction, and multiplication. The variables...

Nikhil Tamoli

0 0
0
Trigonometric ratios for complementary angles
When the sum of two angles=90 degrees, they are called complementary angles. We can use following formula →sin(90-θ)=cosθ,cos(90-θ)=sinθ,tan(90-θ)=cotθ,cosec(90-θ)=secθ,sec(90-θ)=cosecθ We...

Palak K.

0 0
0
An interesting ratio and proportion problem from Hall and Knight
Q: Two casks A and B were filled with 2 kinds of sherry, mixed in the cask A in the ratio of 2:7, and in the cask B in the ratio of 1:5. What quantity must be taken from each to form a mixture which shall...

Ashish K Sharma

0 0
0
Mathematics Formula Sheet and Materials For Students

Parijat Bhattacharyya

0 0
0

Recommended Articles

Meet Swati, a Hindi Tutor from Bangalore

Swati is a renowned Hindi tutor with 7 years of experience in teaching. She conducts classes for various students ranging from class 6- class 12 and also BA students. Having pursued her education at Madras University where she did her Masters in Hindi, Swati knows her way around students. She believes that each student...

Read full article >

Quest Academy - Institute of the month

Quest Academy is a professional Bangalore based NEET and JEE (Main + Advanced) training institute. The academy was incorporated in 2015 to cater to the needs of students, who aim to crack competitive exams by connecting with the best brains around. The institute helps students enhance their skills and capabilities through...

Read full article >

Meet Mohammad Wazid, a skilled trainer for...

Mohammad Wazid is a certified professional tutor for class 11 students. He has 6 years of teaching experience which he couples with an energetic attitude and a vision of making any subject easy for the students. Over the years he has developed skills with a capability of understanding the requirements of the students. This...

Read full article >

Meet Raghunandan.G.H, a B. Tech Tutor from...

Raghunandan is a passionate teacher with a decade of teaching experience. Being a skilled trainer with extensive knowledge, he provides high-quality BTech, Class 10 and Class 12 tuition classes. His methods of teaching with real-time examples makes difficult topics simple to understand. He explains every concept in-detail...

Read full article >

Find Class 10 Tuition near you
Class 10 Tuition in Delhi
Class 10 Tuition in Bangalore
Class 10 Tuition in Hyderabad
Class 10 Tuition in Kolkata
Class 10 Tuition in Mumbai
Class 10 Tuition in Chennai
Class 10 Tuition in Pune
Class 10 Tuition in Noida
Class 10 Tuition in Lucknow
Class 10 Tuition in Jaipur

Looking for Class 10 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
X

Looking for Class 10 Tuition Classes?

The best tutors for Class 10 Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take Class 10 Tuition with the Best Tutors

The best Tutors for Class 10 Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more

ThinkVidya Learning Pvt Ltd © 2010-2024All Rights Reserved