VAT FOR MEDICINE REATILER - MAHARASHTRA

This query is : Resolved

Rakesh Jain (Querist)
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09 July 2008 I RECENTLY GOT A NEW CLIENT - A MEDICINE CUM GENERAL RETAILER. HE IS UNDER COMPOSITION
MY QUERY IS REGARDING HOW TO PAY TAX
EG: TOTAL SALES 7 LAKHS (2 LAKHS GENERAL SALES)
TOTAL PURCHASES 6 LAKHS (1.5 LAKHS GENERAL PURCHASES)

WAT WOULD BE THE TAX RATE & WOULD MEDICINE SALES BE EXEMPT. HOW DO I SHOWN IN VAT RETURNS?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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09 July 2008 if your clients, 4% purchases are more than 50% then you will pay tax @ 5% oterwise you will liable for 8%

Rakesh Jain

Rakesh Jain (Querist)
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09 July 2008 THANKS MR HEMANT

ALSO I THINK I WOULD LIKE TO KNOW, WAT ABOUT MEDICINE SALES (WILL I HAVE TO PAY 8% ON THAT ALSO)

PLS REPLY URGENTLY

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Rakesh Jain

Rakesh Jain (Querist)
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12 July 2008 Pls reply

Its urgent