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what is vat?
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Answer / ameet
It is Value Added Tax. It is being collected on every sale.
The sale of various articles defined under various
sections. Once collected, it is submitted to the government.
| Is This Answer Correct ? | 14 Yes | 0 No |
Answer / badri
VAT- Value added tax. VAT is one of the indirect taxes.
Instead of having various tax hubs to the end consumer, it
is the simple method of tax, that is paid directly to
government.
The formula for VAT is
Let's- Sales= A1 and the VAT= A2
Net sales= A1/(100%+ A2)
VAT = A1 - Net sales
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / p. navaneetha krishnan
VAT => Value Added Tax, Its a Indirect Tax which is
replaced Sales Tax with effect from 1-1-2007 in most of the
states in india. It is a simplified method of Tax which is
implimented so far by the governemnt.
Sales Tax Registered No. was replaced with VAT No.
It's similar to sales tax, what ever the collected vat
amount of tax, that has to be paid to the government
account on specified date
| Is This Answer Correct ? | 4 Yes | 1 No |
vat is a form of sales tax which is collected in different
stages of transactions like buying and selling of goods and
services the input tax is rebated against the out put tax
is called as vat and is an indirect tax which is paid to the
state govt
| Is This Answer Correct ? | 3 Yes | 0 No |
vat was introduced to avoid the cascading effect of taxes.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / priyanka
It is Value Added Tax. It is being collected on every sale.
The sale of various articles defined under various
sections. Once collected, it is submitted to the government.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / a.chinraj
VAT = VALUE ADDED TAX. Its a indirect tax and differnt stages of tranaction of buying and selling of goods and service
VAT formula is = A1/(100%+A2) , A1- Sales , A2- VAT
| Is This Answer Correct ? | 0 Yes | 1 No |
Can we take input tax credit on purchasing of table and trolley for business.....
Can we get excise and VAT credit form staff welfare goods like shoes, uniform, goggles etc.?
The company i approached asked me that they are registered Manufacturer to market fire extinguishers. They have both VAT & CST registration. When they supply material out of state i.e. under "C" form, to a Dealer who is also registered with CST and who can issue "C" form but for product paint. Will the "C" form issued by the Dealer be acceptable to us. What law governs, since the dealer is not registered to trade in Fire Extinguishers? In the first instance will he be able to issue "C" form at all i.e. Will the government allow him to issue "C" Form, if so under what norms? In the case that my company is the Dealer and registered for trading in Paint and we are taking Fire Extinguisher Dealership will I get set-off in "C" form for purchase and Sale. Kindly let me know on russel.raphael@gmail.com
Wat are the heads in Taxation?
Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
what is differed tax liability/asset? how it is to be calculated?
If any person or company received the service tax amount from client and he purchase a construction equipment / commercial vehicle , than can he adjusted service tax amount which payable by him agnst excise duty of construction equipment / commercial vehicle as per following condition:- 1. if company involve in only construction activity. 2. If company involve in construction and manufacturing activity both.
What is US Tax Accounts? Can I get any information where from I take full knowledge about US Taxation?
Pls advise if a client pays us - Rs. 3,43,00 after deducting 2% TDS 7000 on 3,50,000/- and our Invoice is Rs. 3,30,000/- then how we pas entry of the difference amount Rs. 20,000/-
IF XXX GOT AN ORDER FROM APTRANSCO AS WORKS CONTRACT NOW XXX PLACED AN ORDER TO YYY THAT TO SUPPLY 50% OF THE MATERIAL IN ORDER. NOW WHAT IS THE SALES TAX RATE HAVE TO CHARGE BY YYY TO XXX. NOW MY DOUGHT IS YYY IS NOT SUPPLING THE GOODS TO APTRANSCO, HE CANT CHARGE 4%, IF POSSIBLE PLEASE TELL ME THT HOW CAN HE .
Why buyer have to issue C forms & what is the issue
Define deferred tax liability?
Audit 
