i dont know to calculate sales tax. how to calculate sale
tax and what are basic procedure to calculation sale tax. i
want basic procedure. any to know calculation of sales tax
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Answer / sam
to calculate the sales tax, firstly need to know the net value of all the purchases made in that particular month, in the same way u need to calculate the sales net value of the same month.
here net value means the value with out tax.
example: i am calculating 5% tax
150000 7500 157500
here 150000 is net value, 7500 is 5% tax value and 157500 is gross value.
lets take the same amount as total month purchases
now sales: 200000 10000 210000
when calculating sales tax u need to remember is,
input means purhases and output means sales
we need to take only the tax values i.e 7500-10000= -2500
if the value is in negitive. the firm is liable to pay the tax to the governament.
if the value is in positive, there is no need to pay the tax, the amount will be carried forward to next month
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