31 December 2011
HI THERE IS A QUERY ABOUT OUTPUT TAX SALE OF CAPITAL GOODS WHICH IS EXCLUSIVELY USED FOR B'NESS. MY CLIENT HAS NOT COLLECTED OUTPUT VAT ON SALE OF CG -MOTOR CAR FOR rS 350000. NOW QUES. RAISE THAT HOW WE CAL. OUTPUT VAT ON CG ALT 1-350000*13.5% =47250RS ALT.2- 350000*13.5/113.5 =41630
WHICH ALT. IS RIGHT.
PLS REPLY FAST. ITS URGENT AS TODAY IS THE LAST DAY FOR VAT AUDIT.
02 January 2012
Under Mah. Vat out put tax is to be calculated under rule 57 - if tax is not seperately charged on sale value. Tax = Gross sale price X (rate of tax /(100+tax rate). confirm tax rate as per schedule, which may be diff. in different state.
02 January 2012
Under Mah. Vat out put tax is to be calculated under rule 57 - if tax is not seperately charged on sale value. Tax = Gross sale price X (rate of tax /(100+tax rate). confirm tax rate as per schedule, which may be diff. in different state.
CAclubindia
