Ajinkya Electronic Systems, a company in India that manufactures many different electronic products, has to purchase goods and services from a variety of suppliers (wire, diodes, LED displays, plastic components, etc.). The table below shows several suppliers and the VAT tax rates associated with each. It also shows the purchases (in $1000 units) that Ajinkya made (before tax) from each supplier in the previous accounting period. Assume Ajinkya’s sales to end users were $9.2 million and Ajinkya’s products carry a 15% VAT.
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What was the total amount of VAT collected by the Treasury of India from Ajinkya and Ajinkya’s suppliers?
VAT collected = sent by suppliers + sent by Ajinkya
= 235,720 + 1,144.280
= $1,380,000
or VAT collected = 9,200,000(0.15)
= $1,380,000
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