Answer Posted / manikprabhu s uttarwar
Following are the broad step to make VAT Return -
1. List of TIN-Wise & Tax Rate Wise Purchases from Registered Dealer within the State.
2. List of TIN-Wise & Tax Rate Wise Purchases from Registered Dealer Outside the State.
3. VAT Rate wise LOCAL (Within the State) Sales
4. VAT Rate wise CST (Outside the State) Sales
5. List of Stock Transfers outside the state
6. Details of Sales of Scrap / Sale of Asset / Intangible Assets (e.g. Copyright, Brand etc.)
7. List of Imports
8. List of Exports
9. List of Stock Receipts from Outside State
10. And then you have to calculate VAT Liability like -
OUTPUT VAT PAYABLE - INPUT TAX CREDIT AVAILABLE + RETENTION ON BRANCH TRANSFERS OUTSIDE STATE
11. State to state rate of retention is different
12. Purchase of Assets / expense purchases also needs to be separated from Local purchases
.........
.............. this way you have to prepare for VAT Return working
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
