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Categories >> Accounting >> Taxation


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 Taxation interview questions  Taxation Interview Questions (1913)
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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

Other Taxation Interview Questions
  Question Asked @ Answers
From Buyer's point of view, In Interstate purchase to save tax we issue "C" form but at the same time can u tell me by allowing issuing "c" form govt bearing any losses in collection of taxes. e.g.while giving c form i only pay 2% instead of 12.5% the is it loss to govt of 10.5%, if yes then why govt. allowing "c" form, pls explain.   1
why is service tax recievable shown as dr balance under liability in b/s   2
How can we treat sales to Nepal by road. Is it treated as Export ? What are the supporting documents presented to Commercial Taxes Office   1
What is the difference where sales accounted exluding and including of vat, octrai, other taxes?   1
What is the depriciation charged on animals such as elephants,dogs etc? KPMG 1
I have deducted the tds against advace payment on 150000 ie 3000 paid to govt, in jan month in april month i rec 300000 bill so how to adjust the previous advance tds in this bill   2
Is VAT & CST should be charged at a time on one purchased item? please give more clearity on this issue?   4
How anyone calculate HRA exemption from taxable salary for Exam. HRA is 12000 and rent paid is 11500 and total salary is 50000 thousand???????? plz. clear with example!! TCS 3
i had sold a residential property owned by me and had received proceeds of sales of said property by cheque but at present i am unable to purchase new residential property and the money is lying with me ideal in my bank account can i invest that ideal amount for period till 1 year or upto 1.5 yr till i purchase new residential house. what will be income tax treatment for the ideal amt invested in some else for time being and not purchased a new residential house. Wipro 1
How to reimburse TDS(Tax Deducted at Source)? I am getting monthly stipend of RS11,500. But still my employer deducting 1300 pm as TDS. They said they will issue form 16A to reimbruss. Please tell me the procedure to get my money back.   3
what is the difference between banker cheque and cheque? Apex 6
company want to me deduct tds, i have pan if i need tan number.if yes kindly explain why? vguard 1
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