Calculation of tax liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2012 Dear Experts,

In case a dealer is running his business from 01.02.2012 and registered himself for VAT & CST w.e.f. 12.03.2012,and at the end while calculating tax laibility and cenvat credit and filing the VAT & CST return dealer consider only sale and purchases from 12.03.2012 OR from the date of commencement of business. If from the commencement of bussiness than how to calculate above?

Kindly revert back on above issue.

Thanking you,

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 April 2012 your starting period of business is 01.02.2012 and you have provide all the details of purchase & sales for the period of 01.02.2012 to 12.03.2012

your first return for the qtr. Q4 is from 13.03.2012 to 31.03.2012

and annually as well

for above calculation i am giving you a example

suppose your purchase for the period 01.02.2012 to 12.03.2012 is 5000 and sales (80%(4000+400=)4400
now 13.03.2012 if your purchase is Rs. 3000 then show Rs. 3000 as purchase & if your sales is Rs. (1000+3000)*60=2400+240=)2640 then show sales as Rs. 2640 in your return

balance stock will be Rs. 1600