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What is Tax Fraction? Pls...

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What is Tax Fraction?

AND

What is Tax Fraction with respect to the sales made by a Retailer to the Customer/ consumer.

And how it is calculated and what is the aftereffect of this to the Output Tax/Input Tax.

Please let me know.

 

Replies (1)

TAX FRACTION MEANS THE FRACTION CALCULATED IN ACCORDANCE WITH THE FORMULA:


r/(100+r)


IN WHICH FORMULA "r" IS THE RATE OF TAX APPLICABLE UNDER SEC. 7(1).



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