How does vat works, is vat on total turnover
This query is : Resolved
02 February 2012
Dear Concerned,
I have a query, HOW does VAT Work, and is VAT applicable on total turnover, is there any formula for the same, how it is been calculated, and what and all exempted in it, and how do i claim VAT,
I know i am asking many questions but i really need clarification for the same, at this point of time i am really confused.
Help!
I have a query, HOW does VAT Work, and is VAT applicable on total turnover, is there any formula for the same, how it is been calculated, and what and all exempted in it, and how do i claim VAT,
I know i am asking many questions but i really need clarification for the same, at this point of time i am really confused.
Help!
CA. Hari Kishan
(Expert)
02 February 2012
You would be required to mention as to which state act of VAT you are referring to.
VAT is charged on the taxable turnover value. In Karnataka it is determined as per rule 3. Please go through the same.
VAT is charged on the taxable turnover value. In Karnataka it is determined as per rule 3. Please go through the same.
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