Answer / manoj

TOTAL SALES VAT- TOTAL PURCHASE VAT

Answer / guest

Total Sales Vat - Total Purchase Vat

Answer / hr sreepada bhagi

VAT on Sales should be calculated by multiplying the basic
value of the products in the Sales Invoice by the rate of
VAT for those products mentioned in the Schedule to VAT Act.
If any Surcharge or Cess is applicable on basic VAT,
calculate it by multiplying the VAT by the rate of Surcharge
or Cess.

While remitting, deduct the VAT credit on purchases during
the period from the VAT collected (including
Surcharge/Cess). In other words, Amount to be remitted to
the Govt. is the excess of VAT collected over Input VAT
credit : i.e.

VAT on Sales - VAT on Purchases = Amount to be paid to Govt.

Answer / pankaj

OUTPUT VAT - INPUT VAT

Answer / atul nema

Hi,

Determination of VAT has a following proceedings:
Firstly from Gross Turnover reduce ISS sales,Export
sales,Depot Transfer, Sales Return within 6 months,Labour
expenses and profit component part of the sales.

By the above calculation Taxable turnover comes out.
From Taxable Turnover bifurcate the sales into different
commodities rate. calculate the output vat from these
bifurcated turnover.

Gross VAT comes out shall be reduced by the input vat, if
positive result comes out it would be the ultimate vat
liability.

if a item sale on cash bill which is under vat sechdule c local sale tax is 5% so what is the rate of CST without C Form

0 Answers  

Dear friends please let me know, what % of amount has deduct from vendors bill for civil supply and instollation work

3 Answers  

if our provision of taxation of particular year 23000/- and on that year we paid advance tax 20000/-then how we adjust this both amount.......

2 Answers  

what is the difference between Vat-100 and Vat-120

6 Answers   HCL,

I am George Moses from Mumbai I am asking the how to clculate the TDS on Labour ? Sub LAbour.

5 Answers  

what is the difference between vat 100 and vat 120?

0 Answers  

types of tax

3 Answers   Banking,

what is the Difference between Compound Sales and Deemed Sales?

0 Answers  

Dear All, My query is related to capital gain on house property. If a pair of husband and wife have four houses in joint name comprising three residential house and last one is commercial property. Now question is that if they sold all property for Rs. 1.00 Crore and took a new residential property for Rs. 1.25 Crore. So are they eligible to full tax exemption u/s 54 and 54 f and they had to not pay any amount of Income tax? And they have also taken a Rs. 25.00 Lacs housing loan to invest the last one. So are they can take deduction u/s 24B and 80C as well? Please note that they have all property in joint name and share is 50% of each. Please guide me for this.

1 Answers  

what is TDS

7 Answers   Capital IQ,

Sir, My company was formed in the Financial Year 2007-08 and during the year there is primary work i.e. instalation and sitattion work carried on. Now, the Company has started the Production activity form the Financial Year 2008-09 i.e. 14/04/2008. The question is that if the company is entitled to get the Addition depreciation U/s. 32?

1 Answers   Datamatics,

We are into Press Tool & Die Manufacturers and regisered with ESI. for Expansion of Building we are paying civil contract bills ( incluidng labour as well as material) . Please let me know while making payment we have to deduct ESI because civil contrator is not registered under ESI. My question is contractor issue bill including material . on what amount we have to deduct ESI. Please let me know.

1 Answers