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What is the difference where sales accounted exluding and
including of vat, octrai, other taxes?
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Answer Posted / abhivirthi tax and industrial
Difference between sales accounted with VAT shown separately
and total amount including VAT.
The total bill amount for example Rs. 11450.00 (i.e.
Rs.10000.00 towards value of goods and Rs.1450.00 towards
VAT charged separately). If we account for the transactions
as Purchase value of Goods Rs.10000.00 and Input VAT @ 14.5%
Rs.1450.00 we can easily calculate the Input VAT paid during
the whole month and we can adjust the same with the Output
VAT payable (i.e. after deducting the Input Tax Credit from
Output VAT) to the Government easily.
If we account for the transaction as Rs.11450.00 as total
purchase, we cannot identify the Input VAT paid and it is
very difficult to calculate the VAT payable to Government.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
| Is This Answer Correct ? | 3 Yes | 0 No |
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