Sales Tax/ Value Added Tax
Chapter Name : Comparing Quantities |
Sub Topic Code : 104_08_08_05_01 |
Topic Name : Sales Tax/ Value Added Tax |
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Sub Topic Name : Sales Tax/ Value Added Tax |
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Introduction
What is a profit? What is loss?
Pre-Requisites:
Basic knowledge about ratios and percentages, profit and loss
Real Life Question:
What is the discount in the reebok store this month?
Key Words / FlashCards
| Key Words | Definitions (pref. in our own words) |
|---|---|
| Sales tax | The tax collected by government on the sale of an item |
Learning aids / Gadgets
| Gadgets | How it can be used |
|---|
Real life uses :
Every place involved in trade
Places to visit :
Restaurants
Practical examples around us
| Examples | Explainations |
|---|---|
| Super markets | Super markets pay tax in india unlike vendors on the road. So the bill amount is high in super markets due to VAT. |
| Restaurants | The restaurants take an additional sales tax of 14.5% on the food served. |
What you learn in Theory:
Every place involved in trade