Friends,
What do you mean by Purchase tax and how it is calculated, entered in accounts?
Thanks.
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Purchase tax
Replies (1)
Purchase tax is nothing but the tax which the creditor pays to its supplier for teh amount of VAT charged in the Invoice. For e.g if the supplier has raised an invoice of say Rs 10000 & VAt on it is say 4% then it comes to 400. so in this case Rs 400 is the purchase tax paid on the invoice amount of Rs 10000.
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