Vat
This query is : Resolved
05 September 2013
how is vat calculated
05 September 2013
on sales value need to apply the VAT rate specified by the VAT act
05 September 2013
A SIMPLE EXAMPLE...
Bought goods for 62,000
incl. VAT..
62,000 x 25/125 = 12,400,
VAT RATE= 25 PERCENT ASSUMED..
Sold goods for 150,000
excl. VAT.
150,000 x 25/100 = 37,500
VAT payable
VAT ON OUTPUT - VAT ON INPUT
37,500 - 12,400 = Difference 25,100
Click below for more detailed example..
https://smallbusinessindia.intuit.in/starting-business/how-to-calculate-vat/
Bought goods for 62,000
incl. VAT..
62,000 x 25/125 = 12,400,
VAT RATE= 25 PERCENT ASSUMED..
Sold goods for 150,000
excl. VAT.
150,000 x 25/100 = 37,500
VAT payable
VAT ON OUTPUT - VAT ON INPUT
37,500 - 12,400 = Difference 25,100
Click below for more detailed example..
https://smallbusinessindia.intuit.in/starting-business/how-to-calculate-vat/
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