I do know how to calculate delhi vat. please guide me if i purchase of Rs 33 lacs and pay vat@5% is Rs. 93080.00 and sale are done of Rs. 3858090 and vat charge @ 5% is Rs. 192904.50
how i can calculate please sir guide me and which challan or return are need to use.
30 April 2014
Dear Gaurav, First of all. On purchases of 33 lakhs (assumed exclusive of taxes), VAT at 5% comes to 1,65,000. If you have paid only 93,080 it seems that you have purchased some materials from unregistered dealers or some exempted goods. If you have purchased from unregistered dealers, then you have to pay the tax on reverse charge mechanism and take credit of the same. If exempted goods, then no need to pay. Now coming to sales, the output VAT of 192904 which you have collected from the customers has to be remitted to the tax department after deducting the eligible amount of input VAT credit. Please confirm if my assumptions regarding purchases is right, else provide me the reasons for VAT on purchase amounting only to 93080 instead of 165000.
30 April 2014
Thanks Sir, for your reply, now sir have a question that if sales are local sales is Rs 7463805 including vat @ 5% and local purchase is Rs. 2931406.00 including vat 5% than vat payable is Rs.2,15,828.00
and sir also guide me which challan and return are to be used
CAclubindia
