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Answer Posted / 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.
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