Vat input credit
This query is : Resolved
14 March 2014
Hi.,
Iam Purchasing items for 14.5% & 5.5% (Input).. And output bill made uniformly 5.5%.
In this case can i claim 14.5% for input credit?
Iam Purchasing items for 14.5% & 5.5% (Input).. And output bill made uniformly 5.5%.
In this case can i claim 14.5% for input credit?
14 March 2014
and should be eligible to take the input tax credit
14 March 2014
But my query is ,
Let say., Purchase for Rs. 1,00,000/-
(14.5% - Rs 50,000 & 5.5% Rs 50,000)
Input tax is Rs.7250+2750= 10,000
And sales made for 3,00,000/-. Output Vat (5.5%) Rs. 16500.
Vat payable= Output-input
= 16,500-10,000
= Rs.6,500.
Is it correct way to calculate Vat? C.T.Dept will accept it?
Let say., Purchase for Rs. 1,00,000/-
(14.5% - Rs 50,000 & 5.5% Rs 50,000)
Input tax is Rs.7250+2750= 10,000
And sales made for 3,00,000/-. Output Vat (5.5%) Rs. 16500.
Vat payable= Output-input
= 16,500-10,000
= Rs.6,500.
Is it correct way to calculate Vat? C.T.Dept will accept it?
14 March 2014
Govt get less no.?
For say,
Output 3,00,000*14.5% = 43,500.
And less Input Cr = 10,000
Vat payable will be = 33,500/-.
For say,
Output 3,00,000*14.5% = 43,500.
And less Input Cr = 10,000
Vat payable will be = 33,500/-.
14 March 2014
if your Input is of 5.5% and you output is under the schedule of 14.5%, there is no issue.......
14 March 2014
The working that you have made above is correct.
you may proceed further.
However the rates are the same for you inputs
you may proceed further.
However the rates are the same for you inputs
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