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How to Calculate Sales Tax?

When we carry out the buying and selling of the products, we determine the cost of such product and it is not simple to look at the price tag and pay for the product. The provision of sales tax fills the gap in order to determine the margins of the cost for buyer and retailer. How to Calculate Sales Tax?

You need to check different basic steps in order to determine the sales tax on past of future retail purchases. The businesses, which involve in net and retail exchange, the sales tax is considered as the most important aspect of the financial institutions. The sales tax can help you to check the total cost of any item on the grocery list.

If cost of item = $60

Let sales tax rate = 7.5%

According to the mathematical formula,

Total sales tax = Item cost x sales tax rate

                        = 60 x 7.5%

                        = 60 x 0.075

Total sales tax = $4.50

With the determination of the sales tax, you can calculate total cost of an item.

Total cost = Item cost + total sales tax

                = $60 + $4.50 = $64.50      

For example, if you buy a smart phone of any leading company from the market, which has the total cost round about Rs.220,000. If this cell phone is available in Islamabad at the cost of Rs.252,000, then you can find the sales tax rate in Islamabad.

Item cost in Islamabad = Rs.220,000

Total cost of item        = Rs.252,000

Sales tax rate = ??

Total cost = item cost + total sales tax

252,000 = 220,000 + total sales tax

252,000 – 220,000 = total sales tax

Therefore, the total sales tax = 32,000

Now you can find the sales tax rate, which is simple to find,

Total sales tax = item cost x sales tax rate

32,000 = 220,000 x sales tax rate

Sales tax rate = 32,000 / 220,000 = 0.1454

In simple form the percentage of sales tax rate = 0.1454 x 100 = 14.54%

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مستقبل کی خوردہ خریداریوں کے ماضی پر سیلز ٹیکس کا تعین کرنے کے لیے آپ کو مختلف بنیادی اقدامات چیک کرنے کی ضرورت ہے۔ کاروبار ، جس میں خالص اور خوردہ تبادلہ ہوتا ہے ، سیلز ٹیکس کو مالیاتی اداروں کا سب سے اہم پہلو سمجھا جاتا ہے۔ سیلز ٹیکس آپ کو گروسری لسٹ میں موجود کسی بھی شے کی کل لاگت چیک کرنے میں مدد کرسکتا ہے۔

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