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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 (1900)
 Accounting General interview questions  Accounting General Interview Questions (2813)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4364)
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
 
We had received form16A from one corporate company, against they made payment about Rs.49,000/- on 25/06/08, What i Should do this form ?   2
i m geting gross 12250.m i liable for tds ? if s then how much it will take? TATA 2
what is "c" form?   2
I paid TDS through the bank a/c. but i entered wrong TAN no. instead of HYDC04387F I ENTERED HYDCO4378F ,and pl. tell me what can i do and how can i change TAN no.   5
What is Vendor Reconciliation and how is it done ?   7
what is sale entry, purchase entry, credit note , debit note entry? TCS 3
material sale seller to buyer, seller give to material to buyer against Form H, so what benefit to seller to submit Form H for vat purpose.   1
Books printing is exempted of VAT in A.P. India ? please tell   1
I HAVE PURCHASE MATERIAL IN 3% CST FROM U.P.AGAINST FORM 'C'. AFTERTHAT I WILL NOT GIVE FORM 'C' THAN HOW MANY RS. PAID TO PARTY.   8
What is the TDS . and how can we identify this is TDS Deductable or not.   4
Which form we use for depositing TDS?   5
For the assessment year 2011-12, ie., FY 2010-11, is there cess on TDS for Professional fees ?   3
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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