our manufacturing company, i have received different type
of excise bill. for ex. abc invoice purchased oil 17966.88
qty @54.80 inducing excise duty 14% tn how separate rate n
excise calculated
Answer Posted / abhivirthi tax and industrial
Some dealers will issue sale bills to aggregate amount i.e. including tax. If tax is not shown separately the tax element and principal amount has to be arrived applying the following formula.
Rate of Tax X Aggregate of Sale Price
100 + Rate of Tax
By using the above formula, the rate of the commodity and tax or excise duty etc. will be separated and after arriving the rate of commodity, divide by quantity and the actual rate will be available.
14 X 17966.66 2206.46 is 14% Excise Duty
114
15760.42 is the rate of 54.80 quantity
------------
17966.88 is the invoice amount
------------
The above formula is available under Section 8-A Determination of Turnover of the Central Sales Tax Act, 1956.
Reply from:
ABHIVIRTHI Tax and Industrial Consultancy
R.R. Jagadeesan
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014
www.abhivirthi.blogspot.com
Cell: 9994990599
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Please some one tell me what is the VAT or WCT rate for works contract at Tripura
Calculate debtors at the end of the year? debtors-50000, bad debts-2000, discount allowed-1000, 5% on bad debt, 2% discount allowed?
IF ANY PROPRITER SAID THAT DON'T DEDUCT TDS OF HIM BECAUSE IT IS NOT PARTNERSHIP FIRM THEN WHAT SHOULD COMPANY DOES?
what is the case assesment of sales tax and vat.What is the proof of this case assesment.why we use the challan-c...???? Plz tell me someone...???
What is the SEZ formalties in cement Industry?
What is export under ribet notification number
We have got 5 firms. Same partner only running all the firms. Salary is going from one firm. But if we go for PT registration it is asking number of employees. I don't know how to fill the form in online. Any one can help me?
F FORM RECEIVED FROM SUPPLIER, NOT DEDUCTED GOODS RETURN AMOUNT THEREAFTER WHAT IS THE PROCEDURE DONE BY DEALER?
What is DSCR and how to calculate the same.
How can I Return CST Form-I
WHAT IS CORPORATE TAX ?
how to adjustent the accounts part of the company and how to calculate vat and gst .kindly answer me sir. my e-mail id is:- dipak92.dip@gmail.com
IF WE ARE WORKING IN PHARMA COMPANY & I SEND THE MEDICINE SAMPLE TO THE SALSMAN IN VARIOUS PLASE OF INDIA THAT TIME MADE INVOICE OR ANY OTHER CHALLN OR RECIEPT WHAT AS PER LAW ANY TAX APPLIED IN THE INVOICE & WHICH FORM WILL BE REQUIRED HOW TO GET IT, PLEASE GIVE ME DETAIL ALL INFORMATION WITH EXAMPLE & WHAT ENTEY OF THIS TRANSATION IN BOOKS OF ACCOUNT
we have received TDS Certificate (Form No 16A) from one company, we have checked online credited but they not credited to us (online credit)..how can i refund that amount. pls send us letter format
updated rates of sales tax & VAT in Maharashtra