Vat payble

This query is : Resolved

yogaraja (Querist)
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14 May 2010 Dear Experts,

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

Regards,
Yograj

Sanjeev Kumar

Sanjeev Kumar (Expert)
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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.