Question { 7411 }

As an accountant what we have to do if purchaser is not
paying us form C however we have charged tax at lower rate
against form C?

Answer

If the purchaser not submit the c form then original cst
charged on the goods.if the purchase sumbit the c form then
2% cst charged on the goods.

Question { Infosys, 86544 }

1. How many types of vat?
2. What is the sales tax purpose?

Answer

There is no different types of vat. only different types
vat rates are there on different types goods.sale tax is
two types vat and cst. When you sale the goods within state
you paid vat and sale the goods outside state then paid cst
to the concerned authorities.

Question { 17777 }

i want basic formula to find vat 4% from the total bill

Answer

MATERIAL BASIC VALUE IS 10000
THEN YOU CALCULATE DUTY-10% ED CESS-1%,SH CESS-1% AND VAT-4%

IF MATERIAL IS EXCISABLE MATERIAL VAT CALCULATION IS HERE UNDER

MATERIAL BASIC VALUE=10000

DUTY

10000*10%=1000

CESS

1000*2%=20
1000*1%=10

TOTAL VALUE OF MATERIAL=11030

THEN AFTER YOU CALUCULATE VAT LIKE HERE UNDER

VAT-11030*4%=441



IF THE MATERIAL IS NON-EXCISABLE THE VAT CALCULATION IS HERE
UNDER.


BASIC VALUE-10000

VAT-10000*4%=400

Question { Infosys, 4859 }

Accounting Questions

Answer

tds- means tax deducted at sources
tcs-tax collected at sources
vat-value added tax