Interested to Buy Any Domain ? << Click Here >> for more details...
Explain the Calculation of VAT ?
- 1 Answers
- 4763 Views
- I also Faced
- E-Mail Answers
Answer / abhivirthi tax and industrial
Tax paid on purchases is called Input Tax Credit. Input Tax
Credit available on all purchase bills should be arrived
(including the Input Tax Credit to be adjusted if any during
the previous month). Input Tax Credit is eligible only on
the taxable purchases made (from the registered dealers with
TIN in force) within the State and VAT shown separately.
Tax payable on the taxable sales or deemed taxable sales is
called Output Tax payable. The input tax paid on the taxable
purchases as above should be deducted from the output tax
payable and if the output tax payable is greater than input
tax credit, the balance amount to be paid to Government is
called Output Tax due/payable. If the Output tax payable is
lesser than the Input Tax Credit, the excess amount is
called Input Tax Credit available and the same will be
carried forward to the next month. The Input Tax Credit
carried forward to the next months will be adjusted in the
ensuing months.
EXAMPLE 1. (If goods are sold fully)
Purchase T.O. Rs.10,000.00 + VAT @ 14.5% Rs.1450.00 =
Rs.11,450.00
Rs.10,000.00 + VAT @ 5% Rs. 500.00 = Rs.10,500.00
Rs.10,000.00 + Exempt Rs. NIL = Rs.10,000.00
Total Rs.30,000.00 Input Tax Credit Rs.1950.00 = Rs.31950.00
Sales T.O. Rs.15,000.00 VAT @ 14.5% Rs.2175.00 =
Rs.17,175.00
Rs.11,000.00 VAT @ 5% Rs. 550.00 = Rs.11,550.00
Rs.10,500.00 VAT @ 0% Rs. NIL = Rs.10,500.00
Total Rs.36,500.00 Output Tax due Rs.2725.00 = Rs.39,225.00
VAT Payable/Due to the Government Rs.2725 -- Rs.1950 = Rs.
775.00
EXAMPLE 2. (If goods sold are partly)
Purchase T.O. Rs.10,000.00 + VAT @ 14.5% Rs.1450.00 =
Rs.11,450.00
Rs.10,000.00 + VAT @ 5% Rs. 500.00 = Rs.10,500.00
Rs.10,000.00 + Exempt Rs. NIL = Rs. NIL
Total Rs.30,000.00 Input Tax Credit Rs.1950.00 = Rs.31950.00
Sales T.O. Rs. 8,000.00 VAT @ 14.5% Rs.1160.00 = Rs.
9,160.00
Rs. 4,000.00 VAT @ 5% Rs. 200.00 = Rs. 4,200.00
Rs.10,500.00 VAT @ 0% Rs. NIL = Rs.10,500.55
Total RS.22,500.00 Output Tax due Rs.1,360.00 = Rs.23,860.00
Input Tax Credit carried forward to next month 1950 -- 1360
= Rs.590.00
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 ? | 2 Yes | 0 No |
Parties from where we can deduct TDS in a manufacturing company?
Hi All, I am working one company under contractual employee & My CTC is 9000 per month & take home salary is 8100, they are deducting 900/- as TDS per month on my salary, as i aware that, no TDS will be deduct below 160000 per year, can you plz post the answer or mail me on my mail id (itsaarmaan@gmail.com) (itsaarmaan@way2sms.com) Thanks in Advance to all. Hope you have correct answer & you will post as soon as possible.
Is here any change in excise duty in respect of supply of goods required for MSPGCL,i.e. Rs.10.30 % instead of 8.24 %.
i am peeyush tiwari working in ignou as accounts assistant my salary is 8000/-pm i want to know that how much tds i have to pay and how and my job nature is contractual basis
how much deduct TDS company or non company
How can we treat sales to Nepal by road. Is it treated as Export ? What are the supporting documents presented to Commercial Taxes Office
what diff. between Account ,Commerce and Finance?
Can individual deduct his expences from his income at the time of his returns? Any scop is ther in Form 16A to deduct the expences from income? Which kind of expences is allowed to deduct in Form 16A?
when an endorsed bill dishonored, for the endorsee, it become the laibility? 1)of the drawee 2)of the drawer 3)of the payee 4)of the indorser
i have received bill from civil work contractor in that they charges Service tax & vat on same amount & .Please clarify
Where show the sales return of exciseable goods?
For the Quarter Oct-Dec 2008, we hav to give the service tax purchase bills and Sales bills whose payment are cleared in that particular quarter. if i missed any of the bills for the filing? shall i submit the missing bills inthe next quarter(Jan - Mar 09)?
Audit 
