how to calculate vat?
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Answer / prasad
Vat Payable = Output vat - Input vat
For Ex: Vat calculate monthly basis.
For the month of Oct We have Purchases Exculading vat value - 100000 Vat 5% - 5000 and We have sales Exculading vat value - 150000 Vat 5% - 7500
Here Vat payable is 7500 - 5000 = 2500
We will pay this amount before 20 th Nov and Submit the vat return also.
| Is This Answer Correct ? | 33 Yes | 3 No |
Answer / aisha
VAT calculation formula for VAT exclusion is the following: to calculate VAT having the gross amount you should divide the gross amount by 1 + VAT percentage (i.e. if it is 15%, then you should divide by 1.15), then subtract the gross amount, multiply by -1 and round to the closest value (including eurocents).
| Is This Answer Correct ? | 3 Yes | 5 No |
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