What is Tax Fraction?
AND
What is Tax Fraction with respect to the sales made by a Retailer to the Customer/ consumer.
And how it is calculated and what is the aftereffect of this to the Output Tax/Input Tax.
Please let me know.
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What is Tax Fraction? Pls...
Replies (1)
TAX FRACTION MEANS THE FRACTION CALCULATED IN ACCORDANCE WITH THE FORMULA:
r/(100+r)
IN WHICH FORMULA "r" IS THE RATE OF TAX APPLICABLE UNDER SEC. 7(1).
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