Question

On which figure the VAT of a product is calculated?

a. S.P b. C.P c. market price d. none of these​

Answer 1

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)