Rahul Jain (Accountant) (316 Points)
01 July 2013Suppose a trader puchased certain goods at Rs. 29494.5 (Basic 25000 + Excise 3090 + VAT 1404.5)
Now the trader wants to sell the goods to other state at CST.
At what rate should he sell the goods in order to make a profit of Rs. 200 net after making payment of taxes.
Balraj
(Accountant)
(40 Points)
Replied 02 July 2013
Dear Sir
Our previous employee April month CST Purchase not showing in VAT Return and he is taken madvat CST Purchases he is showing in Excise return
my query is vat return revised yes. our boss said cst purchase showing in june vat return what is correct
Rashid Imam
(Officer (Indirect taxation))
(296 Points)
Replied 03 July 2013
Basic Value = 28290/-, CST @ 5% = 1414.50..
Dealer have to dischage Balance tax of Rs. 10/- (i.e. Output Tax 1414.50 - Input Credit 1404.50)
his net profit will be Rs. 200/-
CAclubindia
