Sri Lanka VAT Calculator

In Srilanka, VAT was initially collected as GST (Goods and Services Tax). Then it was replaced as Value added tax in the year 2002. It is imposed on goods and services and any importation into the country. The standard rate of Srilankan value added tax is 12 % and there are no reduced rates on any other services. Zero rates are applicable to copyright, patents, license, property rights, movable and immovable property outside Srilanka. Some services are exempted also.

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In Srilanka, VAT was initially collected as GST (Goods and Services Tax). Then it was replaced as Value added tax in the year 2002. It is imposed on goods and services and any importation into the country. The standard rate of Srilankan value added tax is 12 % and there are no reduced rates on any other services. Zero rates are applicable to copyright, patents, license, property rights, movable and immovable property outside Srilanka. Some services are exempted also.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Example

Find the VAT price and net price in Sri Lanka (GST % is 12) for an amount of 25000 ₨

Add Tax

Solution :
GST % = 12
Amount = 25000

Step 1 :
GST Price = (25000 * 12 ) / 100
     = 3000 ₨

Step 2 :
Net Price = 25000 + 3000
     = 28000 ₨

Hence the VAT Price is 3000 ₨ and Net Price is 28000 ₨

Remove Tax

Solution :
GST % = 12
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 12)))
                 = 25000 - (25000 * 0.89)
                 = 25000 - 22321.43
                 = 25000 - 22321.43
GST Price = 2678.57 ₨

Step 2 :
Net Price = 25000 - 2678.57
                = 22321.43 ₨

Hence the VAT Price is 2678.57 ₨ and Net Price is 22321.43 ₨


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