VAT Calculation
This query is : Open
29 March 2011
Please tell me the input tax credit for the following transaction:-
Purchase
Soyabean @ Rs. 20,000/ Ton + 5% Tax (Rs 1,000)
After processing of soyabean we get 80% DOC (Tax Exempted) and 20% Oil (5% tax)
Sale
DOC @ Rs. 16,000 * 0.8 = 12,800 (56% of Revenue)(Tax = Rs. 0)
Oil @ Rs. 50,000 * 0.2 = 10,000 (44% of Revenue)(Tax = Rs. 500)
Whether Tax credit will be 20%, 44% or 100% of input tax.
Purchase
Soyabean @ Rs. 20,000/ Ton + 5% Tax (Rs 1,000)
After processing of soyabean we get 80% DOC (Tax Exempted) and 20% Oil (5% tax)
Sale
DOC @ Rs. 16,000 * 0.8 = 12,800 (56% of Revenue)(Tax = Rs. 0)
Oil @ Rs. 50,000 * 0.2 = 10,000 (44% of Revenue)(Tax = Rs. 500)
Whether Tax credit will be 20%, 44% or 100% of input tax.
29 March 2011
i think, tax credit will be allowed 20%
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