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Other-Topics > Learn Sales Tax and VAT

Sales Tax and VAT

Sales Tax and VAT relates to Other-Topics

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Sundara Rao ganti
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Prem Nagar, Hisar
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Debojit Sarkar
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I am a B.E(Civil) from Jadavpur University. I am teaching since 2021. I am very proficient in Maths and Science. My main goal is to make students...

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Ekta
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Hrithik C.
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I am a Chartered Accountant with M. Com, M.Phil, IFRS, Diploma in Banking & Finance and served as Professor of commerce. I am also tutoring accountancy...

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Dr. srilatha N.
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Pandri, Raipur
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Lav kumar Soni
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Arrah Chowk, Arrah
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Sales Tax and VAT Lessons

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...

Fr Prashanth Reddy

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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...

Fr Prashanth Reddy

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SPECIAL EVENTS IN PARTNERSHIP
SPECIAL EVENTS IN PARTNERSHIP Admission Retirement Death Change in Ratio Combination When a New partner is admitted what are the changes occur? What are the things unavoidable changes? Can...

Fr Prashanth Reddy

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Types of Financing
Types of Financing Bridge Financing Bridge finance refers to loans taken by a company normally from commercial banks for a short period because of pending disbursement of loans sanctioned by financial...

Fr Prashanth Reddy

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GST News, Notifications And Announcements
Central Tax Notifications: Composition Scheme- Notification 3 & 8/2017: Composition scheme threshold has been notified to be 75 lakhs (earlier recommended only). This will be beneficial to small...

Fr Prashanth Reddy

Sales Tax and VAT Questions

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Answered on 29/03/2017 Learn Other-Topics/Sales Tax and VAT +2 CBSE - Class 10/Mathematics Tuition/Class IX-X Tuition

What do you mean by sales tax?

FR Prashanth Reddy

FR Prashanth Reddy

Freelancer CA/CS/CMA/ACCA /B .com Classes

For example, if you purchase a new television for Rs. 400 and live in an area where the sales tax is 7%, you would pay Rs. 28 in sales tax. Your total bill would be Rs. 428. It is important to note that sales tax is not revenue that the seller gets to keep. The seller is simply collecting the tax as... read more
For example, if you purchase a new television for Rs. 400 and live in an area where the sales tax is 7%, you would pay Rs. 28 in sales tax. Your total bill would be Rs. 428. It is important to note that sales tax is not revenue that the seller gets to keep. The seller is simply collecting the tax as part of their agreement to do business in that city or state. Every month or quarter the seller will have to prepare forms and pay in the money they collected for taxes to the state or local government. read less
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Answered on 05/12/2016 Learn Other-Topics/Sales Tax and VAT +2 CBSE - Class 10/Mathematics Tuition/Class IX-X Tuition

A refrigerator is marked for sale at Rs. 17600 inclusive of sales tax at the rate of 10%. Calculate the...
A refrigerator is marked for sale at Rs. 17600 inclusive of sales tax at the rate of 10%. Calculate the sales tax on the refrigerator?

Chandan Singh

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 29/03/2017 Learn Other-Topics/Sales Tax and VAT +2 CBSE - Class 10/Mathematics Tuition/Class IX-X Tuition

What is the difference between sales tax and VAT?

FR Prashanth Reddy

FR Prashanth Reddy

Freelancer CA/CS/CMA/ACCA /B .com Classes

VAT is local sales tax. It is levied and collected under state laws. VAT has replaced the earlier sales tax system.
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Answered on 01/12/2016 Learn Other-Topics/Sales Tax and VAT +2 CBSE - Class 10/Mathematics Tuition/Class IX-X Tuition

A shopkeeper buys an article at a rebate of 30% on the printed price. He spends Rs 40 on the transportation...
A shopkeeper buys an article at a rebate of 30% on the printed price. He spends Rs 40 on the transportation of the article. After charging sales tax at the rate of 7% on the printed price, he sells the article for Rs. 856. Find his profit percentage?

Dh Sanjay

Dh Sanjay

Let the Printed Price = Rs. P Shopkeeper buys at rebate of 30% Hence Cost price for Shopkeeper = Rs. 0.7*P Spends for transportation = Rs. 40 Now his cost price -- Rs. 0.7*P + 40 Now his final selling price = Rs. 856 Sales Tax charged at 7% on Printed Price Hence Sales Tax = 0.07*P Thus Selling Price... read more
Let the Printed Price = Rs. P Shopkeeper buys at rebate of 30% Hence Cost price for Shopkeeper = Rs. 0.7*P Spends for transportation = Rs. 40 Now his cost price – Rs. 0.7*P + 40 Now his final selling price = Rs. 856 Sales Tax charged at 7% on Printed Price Hence Sales Tax = 0.07*P Thus Selling Price = Printed Price + Sales Tax 856 = P + 0.07P 856 = ( 1 + 0.07) * P 856 = 1.07 * P Thus, P = 856 / 1.07. P = Rs. 800 Cost Price for Shopkeeper = 0.7*P + 40 0.7 * 800 + 40 560 + 40 Rs. 600 Hence, the Profit the shopkeeper has made is 800 – 600 = Rs. 200 Thus, Profit percentage = Profit / Printed Price =200/800 =1/4 = 0.25 = 0.25 * 100 = 25%. read less
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Answered on 01/12/2016 Learn Other-Topics/Sales Tax and VAT +2 CBSE - Class 10/Mathematics Tuition/Class IX-X Tuition

What is the formula for calculating VAT?

Khushbu

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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