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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1898)
 Accounting General interview questions  Accounting General Interview Questions (2809)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4359)
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
 
our Consinor Vat rate @14.5%(revised rate) In pujab , is the same rate applicable in A.P. Ex:I have billed 10 auto tubes each @ 120/- = 10*120=1200 + vat 14.5% = 174 total bill value Rs.1374/-...can we collect 14.5% vat or 12.5%(in A.P.) vat from customer..   2
what are capital gains,explaine briefly. Visa 2
What is the applicable rate of service tax on work of construction company i.e. real estate developer company plz improve my knowledge about it. Apex 11
Is t.d.s deducted on Freight including Service Tax ? ABC 8
Briefly Explanation of Entry Tax when we pay the Entry Tax   1
we have recd. 2 c form agn. 1 qtr so can we issue 2 e-1 form abc 1
what is the interest of late deposit(one day) of service tax for Rs 1000/-(including cess+e.cess).please let me clear also the how much days of interest will be be calculated for one day late deposit.   7
Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.   1
What about sur charge on income tax for the individuals who crossed 10lks for the year 2009-10   2
What are the criteria to avail lower deduction of TDS & why the lower TDS deduction certificate issued?   3
from pan card how can we know nature of payment(tds related)   1
WHAT IS THE COMPLETE ACCOUNTING PROCEDURES OF SERVICE TAX? WWHAT IS ITS ACCOUNTING TREATMENTS & HOW INPUT CREDIT WILL BE TAKEN & HOW IT WILL BE ADJUSTED AGST OUTPUT SERVICE TAX? PLS SUGGEST ME?   1
 
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