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Categories >> Accounting >> Taxation


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 Taxation interview questions  Taxation Interview Questions (1905)
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How to Calculate Vat?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
# 1
Is This Answer Correct ?    14 Yes 2 No
# 2
Total Sales Vat - Total Purchase Vat
Is This Answer Correct ?    12 Yes 2 No
# 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
# 4
Is This Answer Correct ?    1 Yes 1 No
# 5

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
Is This Answer Correct ?    0 Yes 2 No
Atul Nema

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If some body asks me m y TIN number what does that mean?? Is it my Taxpayers Identification number or it is my Tax invoice number? What does both of these stands for???   4
what is excise duty   4
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   3
The Loss of Profit & Loss A/C Where It is Shown in Balance Sheet Liability or Assets Why ? Titan 5
how to mix calculation VAT & CST in account where charged VAT & CST in bill Reliance 3
Which form we use for depositing TDS?   5
i will get the tax exemption when my company offers medical premium that i will produce medical bills. plz clarify any one.   1
What is meaning of Advance Tax? How we will calculate? What is the %? Which form available for this? What is the penalty? IBM 2
For more Taxation Interview Questions Click Here 

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