Sale Tax And Value Added Tax|Question Practice

Value added tax (vat)

Calculate the Net Value Added at Factor Cost: (i) Goods and services tax 25 (ii) Consumption of ifxed capital 5 (iii) Closing stock 10 (iv) Corporate tax 15 (v) Opening stock 20 (vi) Sales 540 (Vii) Purchases of raw materials 140

Sales tax is calculated on the list price, if no___ is given.

Which of the following is true about Value Added Tax (VAT) ? 1. It is a consumption tax levied on value added to the product on every stage of its production. 2. VAT is levied by the Union Government and only a small part goes to State Governments. 3. The income tax on retailers is now decided on the basis of their VAT collection in a year.

Calculate gross value added at market price: (i) Goods and services tax 30 (ii) Sales 800 (iii) Depreciation 50 (iv) Net change in stocks (-)40 (v) Purchase of raw materials 360 (vi) Corporate tax 10

Divid purchased a pair of shoes for Rs 441 including value added tax. If the sales price of the shoes is Rs 420, Find the rate of value added tax.

If the sales tax rate is 7% ,find the sales tax and the total cost of a bicycle priced at Rs750