VAT was introduced in India from April 1, 2015. The General Sales Tax were replaced with the VAT rules. VAT is now being used by all the states and UN of India except Andaman and Nicobar Island. Standard rate varies from 12.5 to 15 %
A rate of 1 % is provided for gold, jewellery, silver,platinum etc.,
VAT was introduced in India from April 1, 2015. The General Sales Tax were replaced with the VAT rules. VAT is now being used by all the states and UN of India except Andaman and Nicobar Island. Standard rate varies from 12.5 to 15 %
A rate of 1 % is provided for gold, jewellery, silver,platinum etc.,
Basic goods are provided with tax rate of 4 or 5 %. But, more usually, in many states the tax rate varies based on the goods. Similarly, the VAT registration, due date also differs from state to state.
Find the VAT price and net price in India (GST % is 12.5) for an amount of 25000 र
Solution :
GST % = 12.5
Amount = 25000
Step 1 :
GST Price = (25000 * 12.5 ) / 100
= 3125 र
Step 2 :
Net Price = 25000 + 3125
= 28125 र
Hence the VAT Price is 3125 र and Net Price is 28125 र
Solution :
GST % = 12.5
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 12.5)))
= 25000 - (25000 * 0.89)
= 25000 - 22222.22
= 25000 - 22222.22
GST Price = 2777.78 र
Step 2 :
Net Price = 25000 - 2777.78
= 22222.22 र
Hence the VAT Price is 2777.78 र and Net Price is 22222.22 र
Basic goods are provided with tax rate of 4 or 5 %. But, more usually, in many states the tax rate varies based on the goods. Similarly, the VAT registration, due date also differs from state to state.
