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Abhishek replied | 10/12/2016

Money that is charged by government on goods & services.

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CA Prashanth replied | 29 Mar

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...  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. «less

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Aarti replied | 22/12/2016

Value Added Tax.

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CA Prashanth replied | 29 Mar

Value Added Tax:-
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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Daljit Kaur replied | 08/12/2016

Sales tax= Rs. 1600.

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Ram Mohan replied | 08/12/2016

If 'r' stands for the percentage rate of Sales Tax say then (100+r) will be the Sale Price.
While its cost price is 100 and 'r' will be the Sales Tax '. Therefore, if 'SP stands for actual Sale Price and 'ST' stands for actual Sales tax then we have:-
(100+r) : r :: SP : ST
OR
(100+r)/r = SP / ST From this formula , given the values of any two of 'r' ; 'SP'...  more»
If 'r' stands for the percentage rate of Sales Tax say then (100+r) will be the Sale Price.
While its cost price is 100 and 'r' will be the Sales Tax '. Therefore, if 'SP stands for actual Sale Price and 'ST' stands for actual Sales tax then we have:-
(100+r) : r :: SP : ST
OR
(100+r)/r = SP / ST From this formula , given the values of any two of 'r' ; 'SP' ; 'ST' the value of the third can be found.
In the given Sum, r = 10, SP = 17600 ST =? from the above formula, we can write
ST =r * SP /(100+r) = 10 * 17600 /(100+10) = 10 * 17600/110 = Rs.1600.
Therefore, the Sales Tax on the Refrigerator is Rs.1600. «less

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Ganesh 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

What is the difference between sales tax and VAT?

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Ankit replied | 09/12/2016

Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the total value of goods and services purchased. VAT is an indirect tax that is imposed on each stage of production of an item.

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CA Prashanth replied | 29 Mar

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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Saritha 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

Dinesh bought an article for Rs 374, which included za discount of 15% on the marked price and a sales tax of 10% on the reduced price. Find the marked price of the article?

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Muhammad Nisaj replied | 20/11/2016

Bought Price = 374
Bought price included 10% tax
So Bought price = Reduced price + 10% sales tax
Let R is the reduced price
So bought price=374=R+10 % of R
=R x 1.1
Therefore R=374/1.1= 340
discount is 15 %. That means reduced price is 85% of marked price. Let M be the marked price
R= 85 % of M
R=0.85M
M=R/0.85
=340/0.85=400

The...  more»
Bought Price = 374
Bought price included 10% tax
So Bought price = Reduced price + 10% sales tax
Let R is the reduced price
So bought price=374=R+10 % of R
=R x 1.1
Therefore R=374/1.1= 340
discount is 15 %. That means reduced price is 85% of marked price. Let M be the marked price
R= 85 % of M
R=0.85M
M=R/0.85
=340/0.85=400

The Marked price of the article is found to be Rs 400. «less

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Anil replied | 20/11/2016

Marked price x: 85 x 1.1= 374

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S

Suresh 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

John bought a printing machine for Rs. 5136, which includes sales tax. If the listed price of the printing machine is Rs. 4800. What was the rate of sales tax?

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Nitish replied | 28/11/2016

Amount of Sales Tax = 5136-4800 = 336
Rate of Sales Tax = (336/4800 )X100 = 7%

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Rajendran replied | 29/11/2016

Buying Price of printing machine = Rs. 5136,00
listed price of printing machine = Rs. 4800.00
sales tax paid = Rs (5136 - 4800) = Rs. 336
Rate of sales tax = (336/4800) * 100 = 7%

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T

Taj 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

Find the marked price of a motorbike which is bought at $ 36300 after paying a sales tax at the rate of 10%?

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Saurabh replied | 04/12/2016

Sales tax is always charged on selling price. Therefore, 36300/1.1 = Rs. 33,000.

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Rajendran replied | 06/12/2016

Let the marked price of motorbike = $ 100
Sales tax = 10%
= 100 + 100 * 10/100
= $100 +Rs.10
= $ 110
If $110 is the sales price, then the marked price is...  more»
Let the marked price of motorbike = $ 100
Sales tax = 10%
= 100 + 100 * 10/100
= $100 +Rs.10
= $ 110
If $110 is the sales price, then the marked price is $100
If $ 36300 is the sales price, then the marked price is (100/110) * 36300.
Marked price of Motorbike = $ 33000. «less

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R

Ratna 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

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?

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Dh replied | 01/12/2016

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...  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%. «less

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Ankit replied | 09/12/2016

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 =...  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%. «less

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J

Jacob 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

A manufacturer produces a good which cost him Rs.500. He sells it to a wholesaler at a price of Rs.500 and wholesaler sells it to retailer at a price of Rs.600. The retailer sells it to the customer at a price of Rs.800. If the sales tax charged is 5%. Find the tax charged under VAT by manufacturer, wholesaler and retailer. Find the tax paid by the customer?  more»
A manufacturer produces a good which cost him Rs.500. He sells it to a wholesaler at a price of Rs.500 and wholesaler sells it to retailer at a price of Rs.600. The retailer sells it to the customer at a price of Rs.800. If the sales tax charged is 5%. Find the tax charged under VAT by manufacturer, wholesaler and retailer. Find the tax paid by the customer? «less

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Mohamed Fatin replied | 08/12/2016

Manufacturer will pay 5% on 500 i.e., 25.
Wholesaler will charge 5% on 600= 30.
Retailer will charge 5% on 800 = 40.
Customer will pay Rs.40 ultimately to the retailer.

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Aravind 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

What is the formula for calculating the sales tax?

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Sourav replied | 04/12/2016

To calculate the sales tax that is included in a company's receipts from items subject to sales tax, divide the receipts by 1 + the sales tax rate. For example, if the sales tax rate is 6%, divide the total amount of receipts by 1.06. If the sales tax rate is 7.25%, divide the total receipts by 1.0725.

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Saurabh replied | 04/12/2016

To calculate sales tax in company receipts then just divide the entire receipts divided by (sales rate plus 1).
For eg.:- If a company sells TV for Rs 21,000. If sales tax is 5%. then C.P of TV will be Rs. 21,000 / 1.05 = Rs. 20,000.

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P

Prakash 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

What is the formula for calculating VAT?

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Khushbu replied | 01/12/2016

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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S

Sridevi 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

A manufacturer buys raw goods for Rs 4500 and pays 10% tax. He sells the ready stocks for Rs 9000. Find the VAT paid by manufacturer?

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Soumajit Sur replied | 25/11/2016

Input VAT paid by manufacturer is = (4500 * 10%) =Rs.450
Output VAT collected by manufacturer is = (9000 * 10%) = Rs. 900 (Assuming same rate of tax for output and Input)
Net amount of VAT to be paid by manufacturer = (900 - 450) = Rs. 450

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S

Sumimolss 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

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?

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Mohamed Fatin replied | 08/12/2016

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

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Praphul replied | 09/12/2016

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...  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. «less

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V

Vishal 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

A retailer buys an article from the wholesaler at Rs. 80 and the wholesaler charges a sales tax at the prescribed rate of 8%. The retailer fixes the price at Rs. 100 and charges sales tax at the same rate. Apply value added tax system of sales tax calculation to answer the following questions. What is the price that a consumer has to pay to buy the...  more»
A retailer buys an article from the wholesaler at Rs. 80 and the wholesaler charges a sales tax at the prescribed rate of 8%. The retailer fixes the price at Rs. 100 and charges sales tax at the same rate. Apply value added tax system of sales tax calculation to answer the following questions. What is the price that a consumer has to pay to buy the article and also find the input tax and output tax for the retailer? «less

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Mohamed Fatin replied | 08/12/2016

Price for the customer 100 + 8% VAT = 108
Input Tax for retailer = 8% on 80 = 6.4
Output Tax = 8% on (100-80) = 1.6.

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Nandita 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

A shopkeeper sells an article at its marked price Rs. 7500 and charges sales-tax at the rate of 12% from the customer. If the shopkeeper pays a VAT of Rs. 180. Calculate the price inclusive of tax paid by the shopkeeper?

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Dinnu replied | 03/12/2016

See the picture.

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P

Pankaj 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

Jacob purchased an article for Rs. 702 including Sales Tax. If the rate of Sales Tax is 8%. Find the sale price of the article?

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Akash replied | 24/11/2016

=>702= x+(x*8/100)
=>702= (100x+8x)/100
=>702*100 = 108x
=>70200/108 = x
=>650 = x

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Karuna replied | 25/11/2016

Let cost price of article be x.
So, 8% of Cp= 0.08x
Hence, 1.08x=Rs. 702. x=650. CP is Rs. 650

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M

Monica 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

If the rate of sale tax increases by 55, the selling price of an article goes up by Rs. 40. Find the marked price of the article?

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Akshay replied | 06/12/2016

55%= Rs. 40
100%=4000/55
=Rs. 72.72.

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J

Jyoti 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

Define VAT?

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D

Divya 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

The catalogue price of a colour TV is Rs.2400. The shopkeeper gives a discount of 8% on the listed price. He gives a further off-season discount of 5% on the balance. But sales tax at the rate of 10% is charged on the remaining amount. Find the sales tax amount a customer has to pay?

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R

Raju 11/11/2016 in  Class IX-X Tuition, Mathematics(Class IX-X Tuition), Sales Tax and VAT

Mason purchased a pair of shoes costing Rs. 850. Calculate the total amount to be paid by him, if the rate of Sales Tax is 6%?

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