what is vat.how it calculated.example i purchased
Rs.5000.how much percent charged vat.how post entry
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Answer / manikprabhu s uttarwar
VAT Rate is Product & State Specific hence first one has to know the "Product" purchased/sold and in which "State".
If Seller and Buyer are situated in different State then VAT is not applicable, but Central Sales Tax is applicable.
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / sanjay kumar
'vat' is a direct tax. it is charged by seller from customer on the behalf of state govt. and deposit in govt. a/c. there are different type of VAT rate according to state govt. rule/products for example 4%,5%, 12.5% etc. suppose Mr. X purchase goods from Mr.Y of Rs. 50000/- and according to vat rule 4% Vat applicable on above goods thane entry will be
IN THE BOOK Mr X
Purchase(goods) a/c Dr. 50000/-
Vat 4% a/c Dr. 2000/-
To Mr. Y A/C Cr. 52000/-
IN THE BOOK OF MR. Y
Mr. Y A/C Dr 52000/-
Sale(goods) a/c Cr. 50000/-
Vat 4% a/c Cr. 2000/-
| Is This Answer Correct ? | 6 Yes | 2 No |
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