How to Calculate Vat?
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Answer / hr sreepada bhagi
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 |
Answer / atul nema
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 |
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