Charging of vat for amortisation value
This query is : Resolved
02 August 2012
Dear Experts,
Please give your expert opinion on below issue.
For a customer supplied Mould/Tool, please confirm charging of TNVAT is correct or not as we do it for charging EXcise duty. If the below calcuation is not correct please clarify and how it should be?
Particulars
Basic value for 100 Nos x Rate/No
Add: Tool Amortisation cost/No x 100 Nos
(only for taxation purpose)
ED Assessable Value
Add:Excise Duty @12%
Add: Ed. Cess 2% ED
Add: SH Cess 1%ED
VAT Assessable Value
Add: TNVAT @5% on above
Total bill value
Less : Amortisation cost
Balance Charged to Customer
G. Sreenivasan
Please give your expert opinion on below issue.
For a customer supplied Mould/Tool, please confirm charging of TNVAT is correct or not as we do it for charging EXcise duty. If the below calcuation is not correct please clarify and how it should be?
Particulars
Basic value for 100 Nos x Rate/No
Add: Tool Amortisation cost/No x 100 Nos
(only for taxation purpose)
ED Assessable Value
Add:Excise Duty @12%
Add: Ed. Cess 2% ED
Add: SH Cess 1%ED
VAT Assessable Value
Add: TNVAT @5% on above
Total bill value
Less : Amortisation cost
Balance Charged to Customer
G. Sreenivasan
02 August 2012
Dear Mr G.S,
In my opinion, VAT has to be calculated after deducting the Amortisation cost.
i.e ED assessable valu +ED+ CESS= Less amortisation cost and then add applicable vat.
In my opinion, VAT has to be calculated after deducting the Amortisation cost.
i.e ED assessable valu +ED+ CESS= Less amortisation cost and then add applicable vat.
04 August 2012
Dear Mr. RRK,
Thanks for your reply. Could anyone please clarify the reason for this?
GSV
CMD
Thanks for your reply. Could anyone please clarify the reason for this?
GSV
CMD
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- GST Regis.
- Sale of property furniture sale
- Is correct way to find out capital of individual on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
