Answers!
How calculate taxble include 12.5% vat formula
Comment
These vat rates are simply calculated on Sales amount
Suppose
Sales Price is 100000 and Vat Rate is 5.5%
Vat=100000*5.5%=5500
In case,excise is charged @ 12.5% on goods,then Vat is calculated on amount including excise
as shown below
PARTICULARS
AMT
SALES AMOUNT
1000000
EXCISE 12.5%
125000
TOTAL
1125000
VAT 5.5% ON TOTAL
61875
GRAND TOTAL
1186875
Note:-
From 1 April 2016, Vat rates for some goods have been changed from 5% to 5.5% in Maharashtra
Rates of tax are referred to in MVAT Scheduile A to D
Those not falling in any schedule are taxable at 12.5% in Schedule E
For DETAILS OF SCHEDULE,refer here
For Changes in Schedule and Goods which are now taxable at 5.5%
Refer http://apdoshi.com/knowledge-center/increase-in-mvat-rates-from-5-to-5-5-wef-1st-april-2016/
Answer the question...
How calculate taxble include 12.5% vat formula
Comment
These vat rates are simply calculated on Sales amount
Suppose
Sales Price is 100000 and Vat Rate is 5.5%
Vat=100000*5.5%=5500
In case,excise is charged @ 12.5% on goods,then Vat is calculated on amount including excise
as shown below
| PARTICULARS | AMT |
| SALES AMOUNT | 1000000 |
| EXCISE 12.5% | 125000 |
| TOTAL | 1125000 |
| VAT 5.5% ON TOTAL | 61875 |
| GRAND TOTAL | 1186875 |
Note:-
From 1 April 2016, Vat rates for some goods have been changed from 5% to 5.5% in Maharashtra
Rates of tax are referred to in MVAT Scheduile A to D
Those not falling in any schedule are taxable at 12.5% in Schedule E
For DETAILS OF SCHEDULE,refer here
For Changes in Schedule and Goods which are now taxable at 5.5%
Refer http://apdoshi.com/knowledge-center/increase-in-mvat-rates-from-5-to-5-5-wef-1st-april-2016/