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what is mean by vat (value add tax) what is that value, is
it gross amount of purchase/sales, or it net of amount of
pur/sales - on which it will calculated, i need with example
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Answer Posted / y.n.muralidhar
value add tax means add the tax on total sales/ purchase
value(inclusive of basic price + excise + transport+ other
charges), gross amount will come after adding of the total
cost.
for ex:
basic price = 100.00
excise = 10.30
packing charges = 2.00
transport charges = 5.00
Total amount = 117.30
add Vat@ 12.5% = 14.66
Gross amount = 131.96
Muralidhar.YN
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