What is the difference where sales accounted exluding and
including of vat, octrai, other taxes?
- 1 Answers
- 2751 Views
- I also Faced
- E-Mail Answers
Answer / abhivirthi tax and industrial
Difference between sales accounted with VAT shown separately
and total amount including VAT.
The total bill amount for example Rs. 11450.00 (i.e.
Rs.10000.00 towards value of goods and Rs.1450.00 towards
VAT charged separately). If we account for the transactions
as Purchase value of Goods Rs.10000.00 and Input VAT @ 14.5%
Rs.1450.00 we can easily calculate the Input VAT paid during
the whole month and we can adjust the same with the Output
VAT payable (i.e. after deducting the Input Tax Credit from
Output VAT) to the Government easily.
If we account for the transaction as Rs.11450.00 as total
purchase, we cannot identify the Input VAT paid and it is
very difficult to calculate the VAT payable to Government.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
| Is This Answer Correct ? | 3 Yes | 0 No |
What are the procedures for remitting WCT?
Dear Sir, i am doing excise part, now I have a dout Please clarify any one. my question is I submitted July month return in before 10th August. But we sold material in july to x party excise value 12% - 1000, 2% - 20 and 1% - 10 Rupees respectively, we paid this amount in the same month it's no problem sir. but now x party reject the material and invoice in september month. may i adjuste above paid amount in september month return? How can i adjuste and where can i metione this details in Excise return? please give answer it's help full for me. Advance thanks for every one reply.
Is Accounts Payable and Vendor Payable are same ? If yes or no, why ?
Sir, My mother has got a sum of money about 5 lacs in the form of pension arrears. Will she have to pay the income tax on this amount which is deposited in her bank account & if it is then please suggest me to save the tax at maximum possible.
what is Difference between R-1 & R-2 Gurgaon Sale tax Return, write 5 to 10 diff.
WHETHER CST REVENUE IS STATE OR CENTRAL IF STATE THEN FROM WHEN PLEASE GUIDE ME
Please let me know How to deduct TDS when we paid amt to the vendor in account payable and what procedure for doing payment of tds and how
What is a service tax?.How to pay the service tax return?
If we purchase Inter -state any Plant & Machinery for Works contract for completion of a Project and later after completion of the same if we move that material to other State , Can we get "C" form against this material where we have purchased it. Is there any Notification regarding the same . In which circumstances a Works contractor can get "C" Form ? If against "C" Form a works contractor purchased the material and passed on the material via Works contract to the client whetheer Local VAt rate is also applicable on the same .
1 Answers Tribeni Constructions Ltd,
verification of licence comes under professional or contract in TDS
how we creat e-vat return in tally for punjab
what typae of accounts?
Audit 
