charging of vat
This query is : Resolved
22 January 2011
SIR,
IN RAJASTHAN THERE IS KRISHI MANDI TAX WHICH IS CHARGED @1.6% OF SALE VALUE.
MY QUERY IS THAT WHETHER VAT WILL BE CHARGED ON AMOUNT (SALEVALUE+ KRISHI MANDI TAX)OR ON ONLY SALE VALUE (WITHOUT K.M.TAX)?
E.G.:-
PRICE 100.00
K.M.TAX 1.60
VAT@5% 5.00
TOTAL 106.60
OR
PRICE 100.00
K.M.TAX 1.60
VAT@5% 5.08
TOTAL 106.68
PLEASE TELL WHICH IS CORRECT. PLEASE ALSO GIVE REASON FOR YOUR ANSWER.
THANKING YOU IN ANTICIPATION
C.A. VINOD SONI
IN RAJASTHAN THERE IS KRISHI MANDI TAX WHICH IS CHARGED @1.6% OF SALE VALUE.
MY QUERY IS THAT WHETHER VAT WILL BE CHARGED ON AMOUNT (SALEVALUE+ KRISHI MANDI TAX)OR ON ONLY SALE VALUE (WITHOUT K.M.TAX)?
E.G.:-
PRICE 100.00
K.M.TAX 1.60
VAT@5% 5.00
TOTAL 106.60
OR
PRICE 100.00
K.M.TAX 1.60
VAT@5% 5.08
TOTAL 106.68
PLEASE TELL WHICH IS CORRECT. PLEASE ALSO GIVE REASON FOR YOUR ANSWER.
THANKING YOU IN ANTICIPATION
C.A. VINOD SONI
22 January 2011
VAT will not apply on krishi mandi tax.
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