Finding Tax
Finding Tax
Sales Tax(ST): This is the amount charged by the government on the sale of an item.It is collected by the shopkeeper from the customer and given to the government. This is, therefore, always on the selling price of an item and is added to the value of the bill.
Value added tax(VAT): This is the again the amount charged by the government on the sale of an item. It is collected by the shopkeeper from the customer and given to the government. This is, therefore, always on the selling price of an item and is added to the value of the bill.
Note: Earlier You must have seen Sales tax on the bill, then it is replaced by Vat. Now a days , you will see GST( Goods and Service Tax)
Remark: If the tax is x%, then Total price after including tax would be
Illustration: Seema purchased a sofa set for Rs.15000 including VAT of 10%. Find the cost of sofa set before VAT was added.
Solution:. Let the cost of sofa set = Rs x
The x + VAT = 15000
So the cost of sofa Set = Rs 13636.36
Illustration: David purchased a pair of shoes for Rs 441 including value added tax. If the sales price of the shoes is Rs 420, find the rate of value added tax.
Solution: Let the rate of value added tax be x %. Then,
You're buying a car in the state of Massachusetts, where sales tax is 6.25%. The car costs $15,000. How much is the total cost of the car, including sales tax? | |||
| Right Option : C | |||
| View Explanation | |||
The formula to calculate sales tax is | |||
| Right Option : A | |||
| View Explanation | |||
You're buying a basketball in the state of Colorado, where sales tax is 2.9%.The basketball costs $25. How much is the total cost of the basketball, including sales tax? | |||
| Right Option : B | |||
| View Explanation | |||
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