Retention calculation on branch transfer
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2014
As per Rule 53, 4% retention on stock transfer in ratio of branch transfer on taxable turnover.
kindly provide definiton of taxable turnover..
Does it include exports???
kindly provide definiton of taxable turnover..
Does it include exports???
26 February 2014
Normally, Taxable turnover for VAT applicability is on which VAT is applicable.
i.e. this exclude all sales which are not subject to taxed under this act., turnover of exempted goods under this act, labor charges in case of work contracts.
you must refer definition of taxable turnover under ur state vat act.
i.e. this exclude all sales which are not subject to taxed under this act., turnover of exempted goods under this act, labor charges in case of work contracts.
you must refer definition of taxable turnover under ur state vat act.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
27 February 2014
will taxable turnover include exports???
27 February 2014
No, Since export is not taxable under VAT.
this is under normally excluded, you must refer ur state VAT act if there is any contravene.
this is under normally excluded, you must refer ur state VAT act if there is any contravene.
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