I Need Full details about calculating value added tax ?
Answer Posted / gulzar
Vat is difference Between tax on Sales(Out Put Vat) and tax on purchases ( vat input).
Let's understand with this example.
suppose you purchased goods (Rs 100 + vat rs.12.5 )= 112.5
in this purchase the actual cost is Rs. 100 and Rs. 12.5 is Vat ( Vat Input credit).
Sale pries of goods ( Rs. 150 + Vat Rs 18.75 ) = 168.75
on this sales tax paid Rs 18.75
Vat = 18.75 -12.5 = 6.25
Is This Answer Correct ? | 13 Yes | 0 No |
Post New Answer View All Answers
What is Excise duty? What is Edu Cess & Sec Edu Cess? Why and when it is applicable? What is Excise Claiming?
Hi Kindly provide the current slab for profession tax in karnataka and due date for remittance the profession tax
If we want to do online PT registration it starts from 2007-08. But our firm started 2005-06. What is the procedure? Manually we have to submit the documents. Can any one let me know.
I plan to buy a new flat in Hyderabad which has never been registered before. Area of the flat is 1115 Sq. ft. I intend to know the following things.1.) what should be the amount of registration?.2.) Is there any VAT. If there is VAT what is the percentage?.3.) Is there any service tax. If so, what should be the percentage? as per F.Y 12-13 rule
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 TAXATION?
If A manpower supplier bills to a acompany for rs.100000 for pure labour supply what entry will be done in terms of reverse charges.
what is cost taxation
Which income is considered as accrued income?
How We know we are liable for Profession Tax liability. I have an optics shop & I want PT Number so what should i do?
how to caluclate the mumbai tax with example? what is mean by credit and debit ?
is a pvt ltd. comp. can give advance against salary to his director.
which purchases is profitable for us a building material purchases from direct of contactor ?
The company has to pay transportation charges for transporting its materials. The company has not remitted the TDS on the same within due date. Is this expenses to be disallowed in STI. This expenses is directly considered on valuation of closing stock.
how much TDS required in telecommunication services ? Any types of Telecommunication, provider or services receiver