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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
what is the formula to calculate the VAT , ST,Excise 
payable to govt
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
vat is of two types input vat which is calculated on
purchases and out put vat which is calculated on sales.
when ever we are calculationg vat first we have to see what
percentage catergorie that commodity belongs to 14.5% or 4%
or 1%. After that on total amount of sales or purchases of
that particular year should be taken to calculate the vat .
on that amount percentage should be taken. ex: sales
amount*14.5% or purchase amount*14.5%.

service tax is calculated on turnover at the rate of 10.3%.
this 10.3% includes education cess and higher education
cess.

Exicse duty is the indirect tax levied by the state on the
manufacture or production of goods in india.The rate of
excise duty was 16.5% before 1April08.From 1stApril,the
rate has been changed to 14%.
 
Is This Answer Correct ?    15 Yes 1 No
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