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POWERED BY http://www.taxqueries.in/ VAT CALCULATOR POWERED BY http://www.taxqueries.in/

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Presentation on theme: "POWERED BY http://www.taxqueries.in/ VAT CALCULATOR POWERED BY http://www.taxqueries.in/"— Presentation transcript:

1 POWERED BY http://www.taxqueries.in/
VAT CALCULATOR POWERED BY

2 Contents Online VAT Calculator Steps to use VAT Calculator
VAT Calculation VAT Rate in India Features of VAT Advantages POWERED BY

3 Online VAT calculator  Online VAT Return calculator allows you to calculate VAT rate in an easy way Value Added Tax Calculator is used to estimate the VAT Tax rate and VAT Amount easily. The VAT Tax Calculator is helpful for business users, Individuals and  State dealers where the VAT rate could be changed and VAT tax could be added to a net amount or excluded from a gross amount The Standard VAT rate in India varies from 12.5 to 15 %. POWERED BY

4 Step to Use VAT Calculator Online
Steps for ADD VAT Calculator Online Simply Enter gross sum Amount in the Amount field. Click on “ADD VAT” to Include VAT tax. Enter online VAT calculator rate in Percentage( eg. 12.5%). And Finally, click on Calculate. POWERED BY

5 Step for Remove VAT Calculator Online
Simply Enter gross sum Amount in the Amount field. Click on “Remove VAT” to Exclude VAT tax. Enter online VAT calculator rate in Percentage( eg. 12.5%). And Finally, click on Calculate. POWERED BY

6 VAT calculation formula for Remove VAT Tax :
To Calculate VAT Tax having the gross amount you should divide the gross amount by (1 + VAT Rate percentage) For example the gross amount Rs. 50,000/- and the tax rate is 15% POWERED BY

7 Excluding VAT from gross sum Calculation
Add Tax Calculator Formula VAT Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount Net Amount excluding VAT = Gross sum Amount /(1+ (VAT rate/100)) Rs. 50,000 / (1+(15/100)) ==> Rs VAT Amount = Gross Sum Amount – Net Amount Excluding VAT                   = Rs. 50,000 – Rs ==> Rs /- Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount POWERED BY

8 Including VAT to Net Amount Calculation
Steps for Add VAT Calculator Online. Look at the example Net amount Rs. 50,000/- and VAT rate is 15%. Remove Tax Calculator Formula VAT Tax Amount = Original Cost – ( Original Cost * ( 100 / ( VAT% ) ) ) Net Amount = Original Cost – Tax Amount Gross Amount= Net Amount * (1+ (VAT rate percentage) = Rs. 50,000*(1+15/100) ==> Rs. 50,000* (1.15) = Rs. 57,500/- VAT Tax Amount = Gross Amount-Net Amount = Rs. 57,500 – Rs. 50,000 ==> Rs. 7500/- POWERED BY

9 VAT Rates in India POWERED BY http://www.taxqueries.in/ VAT Rate Goods
0% (NIL) In a lot of states goods that are very basic in nature are sold without levying any VAT Tax. These goods are mostly those sold by the unorganized sector in their Natural and unprocessed produces in the unorganized section. This will contain 46 commodities such as salt, khadi, condoms, etc. Certain specified life-saving medicines have been exempted from Value Added Tax. 1% For goods which tend to be highly expensive, the percentage of VAT Tax rate applicable needs to be kept quiet since otherwise the VAT levied could be too high an amount. For such items, VAT Tax rate is kept as low as 1 percent. This special rate meant from Gold, Silver, Precious Stones, and Semi-Precious Stones, bullion, etc. 4% This VAT rate applied to the largest number of products, common for all the States, comprising of goods of necessities such as drugs and medicines all agriculture & Industrial inputs, capital goods. 5% The Five percent vat Tax rate covers declared goods. 12.5% All goods other than goods specified by above VAT rate category. 20% Luxury Goods. POWERED BY

10 VAT Features VAT reduces chances of tax  avoidance and support compliance. The similar (Homogeneous) goods and services are taxed uniformly. So the Homogeneous goods from all brands will be taxed the same. VAT Tax is levied at each stage of production of a product to makes the taxation process more transparent and easier. Value Added Tax encourages transparency in the sale of products and services at the small-scale level. VAT avoids Cascading Effect of Taxation in India. POWERED BY

11 Advantages The tax burden is only at the consumption stage. This Taxation method is useful for tax structure based on ‘destination principle.’ Exports can be freed from domestic trade taxes. It becomes easier to give tax compromise to goods used by the common man or products used for the manufacture of capital assets or exported goods. It provides an instrument of taxation consumption of goods and services in India Interference in market forces is minimum. Simplicity and transparency. VAT Tax rates can be lower as the tax is imposed on the retail price and not at the wholesale price. POWERED BY

12 THANK YOU For more details POWERED BY


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