VAT (Value Added Tax) is a tax levied on the purchase price. It is a tax only on the value added to a product, material, or service. In Thailand VAT (Value Added Tax) is represented as Sales Tax. The Sales Tax Rate in Thailand stands at 7 percent at present in 2015. Thailand’s ruling National Council for Peace and Order has extended the 7% VAT rate until 30 September 2015.
VAT (Value Added Tax) is a tax levied on the purchase price. It is a tax only on the value added to a product, material, or service. In Thailand VAT (Value Added Tax) is represented as Sales Tax. The Sales Tax Rate in Thailand stands at 7 percent at present in 2015. Thailand’s ruling National Council for Peace and Order has extended the 7% VAT rate until 30 September 2015.
Find the VAT price and net price in Thailand (GST % is 7) for an amount of 25000 ฿
Solution :
GST % = 7
Amount = 25000
Step 1 :
GST Price = (25000 * 7 ) / 100
= 1750 ฿
Step 2 :
Net Price = 25000 + 1750
= 26750 ฿
Hence the VAT Price is 1750 ฿ and Net Price is 26750 ฿
Solution :
GST % = 7
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 7)))
= 25000 - (25000 * 0.93)
= 25000 - 23364.49
= 25000 - 23364.49
GST Price = 1635.51 ฿
Step 2 :
Net Price = 25000 - 1635.51
= 23364.49 ฿
Hence the VAT Price is 1635.51 ฿ and Net Price is 23364.49 ฿
