what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / dheer singh rathore
VAT is Value Added Tax.(Summit Last date Twenty Every Next
Month) It is tax chared by the registered
dealer at the time of sale of goods just like Sales Tax. A
vat dealer can claim credit of vat on good purchased by him
just like excise duty.
While Excise is the tax on goods produced but charged at the
time of its removal i.e. at the time of sale.
Form C is issued by a reg. dealer(purchaser) to seller of
goods in case of CST so as to charge him sales tax at lesser
rate whereas the form D is issued by the govt. to the seller
of goods for the same reason.
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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.
