Answer Posted / rajiv sabharwal
VAT means Value Added Tax. Presently VAT in Delhi is 4%. VAT
is levied on Sales of Commercial goods by registered dealers
(dealers registered with Govt. Authorities)at the time sales.
The calculation of VAT is as simple as of Sales Tax. If you
are charging 4% on 1000 Rs. goods then the VAT is 40 Rs.
But at the time of depositing the collected VAT to
authorities we can claim rebate against the INPUT VAT paid
at the time of purchasing goods (only on local purchase and
not the central purchase).
The entry would be :-
4% VAT A/c -- Dr.
To 4% Input VAT
To VAT Payable A/c
Is This Answer Correct ? | 18 Yes | 2 No |
Post New Answer View All Answers
what is the document spliting?
What does my credit score mean?
I am maintaing books of accounts a Software Co. Kindly advise me Account Head of these exps. (Software Exps.,Internet Exps., Video Exps.,Server Maint.Exps.,& SMS Exps.,) Thanks
Can anyone plz. tell me where can i get the proforma application for DAO.I have tried all the links but i couldn't find any application proforma in the notifications.
Expand-------MUR
what is purchase consideration?
commisiion recieved journal entry and receipt required
Dear sir i had been called for ntpc interview and gd next month..please guide me for it!
Explain valuation methods of Normal and Abnormal loss
Suresh agreed to adjust Ramesh due amount of Rs 15000- from his credit balance
What is the rate of basic excise duty and specific duty And I want to know that how can I see that vat rate in up ,excise duty and tds details Please tell me site plese
how there face in lvbank interview
Feature of Master letter of credit of Garments manufacturing company?
What is the Purpose of Preparing Bank Reconciliation Statement?
Anyone whose sbi interview has been over , please share all the question asked by them