Purchase from urd & sales to rd
This query is : Resolved
22 July 2013
Please tell us what is the ruling for Purchases from Unregistered Dealer and Sales to Registered Dealer in Tamil Nadu.
We have purchased fr URD for Rs.1 lacs and Sales to RD for for Rs.1.25 lacs @ the rate of VAT 14.5%. What is our tax liability?
We have purchased fr URD for Rs.1 lacs and Sales to RD for for Rs.1.25 lacs @ the rate of VAT 14.5%. What is our tax liability?
22 July 2013
TNVAT Section 12 (1a) deals with levy of purchase tax for the purchases made from unregistered dealers for sale.
In your case, you have to pay 14.5% on the purchase value of Rs.1 lac i.e 14500/- and show it in your Form I return right side column 1 and pay total tax on sale value Rs.1.25 lacs plus purchase tax of Rs.14500/- this month. In the next month Rs.14500/- paid by you will be carried forward in the first column sl.no.1 left side of Form I and you can adjust the same in that month just like ITC.
I hope it is clear.
In your case, you have to pay 14.5% on the purchase value of Rs.1 lac i.e 14500/- and show it in your Form I return right side column 1 and pay total tax on sale value Rs.1.25 lacs plus purchase tax of Rs.14500/- this month. In the next month Rs.14500/- paid by you will be carried forward in the first column sl.no.1 left side of Form I and you can adjust the same in that month just like ITC.
I hope it is clear.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
