Treatment of VAT Return,
Dear Experts, your clarification is appreciated, Q- how to calculate MVAT and Return the file,
Brief about the client: Client has a trading unit, like a shop, (transaction is like purchasing goods (mobiles) from the dealer and sale it to the retailer) transactions are below
1- Purchase Transaction are below
Purchase 1 lakhs paid MAVT 12.5% 12500.00 MVAT
Purchase 2 Lakhs paid MVAT 4% 8000.00 MVAT
Total Purchase = 3 Lakhs
Total MVAT paid during purchase is = 20,500.00
2- Sales Transaction are below
Sales with 8% profit and 4% MAVT
Total Sale 324000.00 +(plus) MVAT is 4% , 12960.00 =3,36,960.00
While taking TIN no client has paid 25,000 as deposit to Sales Tax,
Please clarify how to prepare the VAT return, whether there is a liabilities or a credit available.
CAclubindia
