Vat and income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2013 hello sir
i am a ambuja cement agency holder
can you guide me about the tax liability which i have to file both vat and income tax.
and the procedure to file vat and income tax
. i have doubt about the ledger which i receive every month frm ambuja about the monthly transaction and consumption , there vat amount is already added, so do i have 2 again pay the vat , kindly guide me where to pay vat and how to calculate vat on my monthly product , also do i have to pay monthly or yearly ..

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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18 February 2013 Mr Author,
M/s Ambuja cement are supposed to give their agency to registered dealers under VAT Act. However, now you have to apply for registration to your cocerned LVO(on line) through the web site of department of commercial taxes of your state.After doing that you have to file monthly or qurterly return as per the volume of trade.The tax charged by the cement manufacturer/distributor,is only the input tax.You will again charge vat on you sale pric in the invoices. In the return you have pay the difference of what you have collected and what has beeen paid on purchases. Further details you will get to know from th LVO office.Do business for some time then ask a CA regarding IT..MJK