VAT in russia is collected at the standard rate of 18 % for assets, services and imports. A reduced rate of 10 % is collected for foodstuffs, children's supply items and livestocks. There is no need to pay VAT for exports, medical products, technological products and insurance and banking services. It is compulsory to register for VAT if the turnover exceeds RUB 2 million in the previous 3 months.
VAT in russia is collected at the standard rate of 18 % for assets, services and imports. A reduced rate of 10 % is collected for foodstuffs, children's supply items and livestocks. There is no need to pay VAT for exports, medical products, technological products and insurance and banking services. It is compulsory to register for VAT if the turnover exceeds RUB 2 million in the previous 3 months.
Find the VAT price and net price in Russia (GST % is 18) for an amount of 25000 руб
Solution :
GST % = 18
Amount = 25000
Step 1 :
GST Price = (25000 * 18 ) / 100
= 4500 руб
Step 2 :
Net Price = 25000 + 4500
= 29500 руб
Hence the VAT Price is 4500 руб and Net Price is 29500 руб
Solution :
GST % = 18
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 18)))
= 25000 - (25000 * 0.85)
= 25000 - 21186.44
= 25000 - 21186.44
GST Price = 3813.56 руб
Step 2 :
Net Price = 25000 - 3813.56
= 21186.44 руб
Hence the VAT Price is 3813.56 руб and Net Price is 21186.44 руб
