Originally posted by : Rajat | ||
![]() |
Originally posted by : preeti Can anyone plz post answer of Q -1 (d)-VAT calculation My answer (may be wrong) VAT Liablitty (4% on 15, 12% on 20, 4% on 10) = 3,40,000 VAT Input Credit = (4% on 20 & 12% on 20) = 3,20,000 Net VAT payable = 20,000 Inputer credit not allowed for exempt sales ... but credit allowed for inputs used in production of CG. |
![]() |
This answer is correct... but answer can be1,40,000/- VAT payable also... by not taking credit on input used in manufacturing of capital goods.... But in any case giving notes & assumptions should be advisable.