13 November 2011
namaste, some of the URD PURCHASES has not been declared which is utilesed/sold by trader and collected vat on such sales at existing rates and same has been paid. now it cannot be declred by revising the return since the revising return time limit is over, now what happens to Undeclared URD PURCHASES ? Should he pay tax on such purchases ? or not required ? what the law says ? please let me know thank you all,
That you have not disclosed the purchases from un-registered dealers is an omission. However, if those goods have been "sold" (either in the same state or under CST) and tax has been paid, there is NO FURTHER tax liability. You will have to explain the A.O about the omission later when you are called for audit/assessment.
Tax on purchases is required to be paid under the VAT law ONLY if the goods are: 1. Sent out of the state by way of branch transfer, such that no tax is paid on the sale thereof in the same state; 2. Used or consumed in the manufacture of goods that are exempt from tax.
NOTE: VAT is a state-subject and each state has its own enactment. One needs to specify to which state VAT, his query relates to! Nobody does this...
17 November 2011
but how to display it in kvat 100, suppose
sales @ 5% Kvat (using URD PURCHASE) 25000 vat collected 1250 purchases @ kvat 5% 15000 vat paid in purchase 750 URD purchase used for sales 5000 in vat 100 point 6.3)tot t/o sales @ 5% _______ (here what to be written whether net of urd purchase and sales or sales using both RD and URD PURCHASE) And 6.7)taxable t/o urd purchase_______ and assume that in in 9.8) we avail the rabate on vat of URD PURCHASE
20 November 2011
but how to display it in kvat 100, suppose
sales @ 5% Kvat (using URD PURCHASE) 25000 vat collected 1250 purchases @ kvat 5% 15000 vat paid in purchase 750 URD purchase used for sales 5000 in vat 100 point 6.3)tot t/o sales @ 5% _______ (here what to be written whether net of urd purchase and sales or sales using both RD and URD PURCHASE) And 6.7)taxable t/o urd purchase_______ and assume that in in 9.8) we avail the rabate on vat of URD PURCHASE
CAclubindia
