Discount and vat
This query is : Resolved
29 April 2014
Hi Experts,
If we have to sell a product of MRP Rs 1900 @ discount of 10% and VAT of 14.5%. Pls suggest what will the break-up look like.
Will it be same as
cUSTOMER TO BE CHARGED 1900-(1900*.1)= 1710
Tax (vat) --1900-(1900/1.145)=240
Unit Price= 1710-240==1470
Pls suggest if VAT will be reverse calculated on MRP or (MRP-Discount) value. Will be greatful if break-up for this calculation could be shared.
Regards,
Esha
If we have to sell a product of MRP Rs 1900 @ discount of 10% and VAT of 14.5%. Pls suggest what will the break-up look like.
Will it be same as
cUSTOMER TO BE CHARGED 1900-(1900*.1)= 1710
Tax (vat) --1900-(1900/1.145)=240
Unit Price= 1710-240==1470
Pls suggest if VAT will be reverse calculated on MRP or (MRP-Discount) value. Will be greatful if break-up for this calculation could be shared.
Regards,
Esha
30 April 2014
VAT is applicable on discounted price.
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30 April 2014
Sir,
Thanks for your reply. Pls confirm if in above case vat will be Rs216.55. its calculated on discounted value (1710/1.145)
Thanks,
Thanks for your reply. Pls confirm if in above case vat will be Rs216.55. its calculated on discounted value (1710/1.145)
Thanks,
30 April 2014
1710*14.5% = 213.15 = 214
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