Tax & Money Exchange
Tax & Money Exchange
Discount: When an article is sold at a price less than the marked price then it is said to be a selling price(SP) and the reduced price on the marked price is called the discount (D).
SP=MP-D D=MP-SP
If Discount percent (D%) is given then SP=MP(1-D/100)
Value Added Tax(VAT) :VAT is the sales tax. VAT is a tax which you pay when you buy either goods or services .
There are certain goods and services for which VAT is exempted . For examples :
VAT is exempted on goods and services of basic needs , basic agricultural products, educational , health, cultural goods and services, purchase and renting of lands and building etc.
VAT is levied on the actual selling price .
If VAT exposed articles are exported then the VAT is got back at airport .
The present rate of VAT in Nepal is 13 % .
VAT amount=Rate of VAT (in %)Sp
SP with VAT=SP+VAT amount=SP+VAT % of SP
SP without VAT=(SP with VAT)/ (100+VAT %)
SP with VAT is in last Applet .