We are under work-Contracts. We have to pay vat on advaces also. Last month we paid vat 12.5% on advance. this month we billed as 13.5% how munch we have to pay the tax
Ex.100000Lac we have paid 12500,this we have billed 200000 for 2 Lac vat 27000/-how much we have to pay vat wether 27000-12500 or 27000-13500 because we have declare to sales tax 1 lac is sale
14 May 2010
you are laible to pay tax as prevailing rate when you book / made sales. you can recover that increased rate of tax from customer if allow your contract's terms and condition.
CAclubindia
