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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1903)
 Accounting General interview questions  Accounting General Interview Questions (2825)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4368)
Question
How to Calculate Vat?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
TOTAL SALES VAT- TOTAL PURCHASE VAT 
Is This Answer Correct ?    14 Yes 2 No
Manoj
 
Answer
# 2
Total Sales Vat - Total Purchase Vat
 
Is This Answer Correct ?    12 Yes 2 No
Guest
 
 
 
Answer
# 3
VAT on Sales should be calculated by multiplying the basic
value of the products in the Sales Invoice by the rate of
VAT for those products mentioned in the Schedule to VAT Act.
If any Surcharge or Cess is applicable on basic VAT,
calculate it by multiplying the VAT by the rate of Surcharge
or Cess.

While remitting, deduct the VAT credit on purchases during
the period from the VAT collected (including
Surcharge/Cess). In other words, Amount to be remitted to
the Govt. is the excess of VAT collected over Input VAT
credit : i.e.

VAT on Sales - VAT on Purchases = Amount to be paid to Govt.
 
Is This Answer Correct ?    8 Yes 1 No
Hr Sreepada Bhagi
 
Answer
# 4
OUTPUT VAT - INPUT VAT 
Is This Answer Correct ?    1 Yes 1 No
Pankaj
 
Answer
# 5
Hi,

Determination of VAT has a following proceedings:
Firstly from Gross Turnover reduce ISS sales,Export
sales,Depot Transfer, Sales Return within 6 months,Labour
expenses and profit component part of the sales.

By the above calculation Taxable turnover comes out.
From Taxable Turnover bifurcate the sales into different
commodities rate. calculate the output vat from these
bifurcated turnover.

Gross VAT comes out shall be reduced by the input vat, if
positive result comes out it would be the ultimate vat
liability.
 
Is This Answer Correct ?    0 Yes 2 No
Atul Nema
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
V R MAKING COMMERCIAL CUM EXCISE INVOICE,THEN HOW INVOICE NUMBER CAN BE GIVEN COMBINDLY OF TAX INVOICE/RETAIL INVOICE AND EXCISE INVOICE.   2
what is cst and what is rate of cst in 2010   4
what do you mean by return in taxes   1
Rs.100000/- include service tax 10.30% How will be calculate. What is Basic, 10%, 2%, 1%.   2
basic knowledge of accounting ?   7
Is octroi duty by nature a tax you can pass on to the customer in your billing? how is it different than VAT?   3
Breif discription of excise duty ?   1
If I want loan upto Rs.500000/- from bank. so how much capital show in my balancesheet. please help me.   1
what is the circle of tds and its rate chart   1
Please tell me about service tax? And service tax latest rate? TATA 30
How to Calculate Vat?   5
dear sir if i dont know the sell bill amount the. client give me 88036 amount cheque this cheque already cut tds 2.065% how will the service tax how i calculate this pls give easy process.   1
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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