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what is mean by vat (value add tax) what is that value, is
it gross amount of purchase/sales, or it net of amount of
pur/sales - on which it will calculated, i need with example
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Answer Posted / s.bhavani
VAT is Value added tax which is payable at the time of sale
by the seller to tax dept and to be collected from the
purchaser on the Gross amount charged. While paying VAT
already paid can be taken as input credit.
Example:
Gross amount charged xxxx
(which includes
all taxes like
Excise duty and
education cess)
VAT payable @ .... % xxxx
(applicable rate for goods)
Less VAT Input Credit xxxx
(paid at the time of
purchase)
Net Payable xxxx
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