vinay (accounting) (165 Points)
09 December 2011Dear Member,
Could you please guide where to fill the Second Sales turnover and its correspondence tax remittance under Form 100 - Monthly return? In this case, an company Vehicle was sold and tax is now to be remitted before 15th of this month.
Thank you for your time,
Vinay
vinay
(accounting)
(165 Points)
Replied 09 December 2011
Hi,
Also, under what head the epayment be made, is that under Karnataka Vat or Karnataka Sales Tax? We have not claimed any input credit. Please guide.
Thank you,
Vinay
Shankar Reddy.V
(Tax consultant)
(81 Points)
Replied 12 December 2011
Hi, there is no second sale concept in karnataka VAT, sale of company's used vehicle is liable for 5% VAT
input tax on same is restricted.
accordingly include turonover of vehicle in VAT 100 under 5% column.
E-payment is under VAT
Prakash T c
(Executive)
(194 Points)
Replied 12 December 2011
Yes, me too agree with sankar reddy. you have show it as other sales and give the P & L account for the assest sold at the time of monthly returns submission.
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