what indirect tax and in that whats include
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Answer / smitha
Indirect Tax is the tax is collected from customers
indirectly and making payment to Govt by the seller. The
Indirect Tax includes VAT, CST and Excise Duty.
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indirect tax means the tax which has been paid by someone
on the behalf of the assessee (the person who pays the tax)
for eg:when we purchase the goods v pay the value of the
goods which also includes sales tax thus we dont pay the
tax to the IT authorities but on behalf of us the saller
pays the tax.
it includes the following:sales tax,CENVAT.
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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