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If the total material cost of secondary steel products @
BSL, Jharkhand, is Rs.30 lacs exclusive of VAT @ 4%, ED @
8.24%, TCS @ 1%, and the buyer is registered under the
Company's Act, 1956 in Bihar, and carrys VAT & CST
certification but no ED registration, then what would be
the proforma of purchase invoice ? And if the Buyer sells
the above materials with the conversion charges or profit
of Rs.5 lacs within Bihar, what would be the proforma of
Sale Invoice ?
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Answer / tax beginner
Purchase Invoice Calculation
Basic Cost (Gross) 3000000
ED @8.24% 247200
Assesible Value 3247200
CST w/o Form C 129888
TCS @ 1% 33771
Net Amount 3410859
Assumption :
CST applicable and CST without Form C Tran, otherwise Tax
Rate 2%
Sales Price for 2nd Party 3910859
VAT 4% 156434
Net 4067293
| Is This Answer Correct ? | 4 Yes | 1 No |
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