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Querist : Anonymous

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Querist : Anonymous (Querist)
12 September 2013 Dear Sir,
Suppose sale is Rs. 100/- and VAT charged thereon is Rs. 5/- and grand total is Rs. 105/-.

If I calculates 8% profit on Rs. 105/-, then whether it would not amount to double taxation on the VAT amount of Rs. 5?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
12 September 2013 1st reduce the VAT from 105 by back calculation..

105-5= 100

then
if profit is 8 percent on sale then 10.86 percent on cost..

10.86 percent of sale, i.e 10.86 is the profit..

89.14 is the cost
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
12 September 2013 However, you already mention that the sale price is 100.. then how could you charge profit on sale price??

Cost + Profit = Sale Price
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