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SID76 (Student) (71 Points)

06 December 2011

hiiiiiiiiiii,

Please tell me how can i calculate the sales tax .

assume purchase of the 100000/- and sales 85000/- is rs ..

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4 Replies

ashish gupta ( student) (1922 Points)
Replied 06 December 2011

your query is not clear. Check the sale and purchase invoices for VAT amount

Abhilash V (CA Final Student) (33 Points)
Replied 06 December 2011

Purchase of Rs. 100000 assuming tax rate is 5% hence we will get input credit of Rs. 5000 (100000*5%)

Sales is Rs. 85000 assuming tax rate is 5% hence tax payable is Rs. 4250 (85000*5%)

Sales Tax Payable 4250

Less: Input Tax credit 5000

Balance -750

The excess input credit of Rs. 750 can be carried forward to next month or refund can be claimed.

SID76 (Student) (71 Points)
Replied 06 December 2011

Thank you !!!!!!!

(Guest)

Originally posted by : Abhilash V
	Purchase of Rs. 100000 assuming tax rate is 5% hence we will get input credit of Rs. 5000 (1000005%) Sales is Rs. 85000 assuming tax rate is 5% hence tax payable is Rs. 4250 (850005%) Sales Tax Payable 4250 Less: Input Tax credit 5000 Balance -750 The excess input credit of Rs. 750 can be carried forward to next month or refund can be claimed.