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Can anybody provide me the answer of 1(d) and of enhanced compensation?
please help yaar
Purchases eligible for VAT credit
1 NIL- CST
2 12 LAC X 1% = 15,000
3 NIL
4 6 LAC X 12.5% = 75000
90,000
2 OUTPUT VAT = 27 LAC X 4% + 32 LAC X 1% + 8 LAC X 12.5% = 2,40,000
NET VATT PAYBLE = 1.5 LACS
TAX ON PURCHASE
X 1% 1500000= 15000
Z 12.5% 600000=75000
TOTAL= 90000
TAX ON SALE
X-4 % ON 2700000= 108000
1% 3200000= 32000
Z- 12.5% * 800000=100000
TOTAL =240000
GROSS VAT PAYABLE=150000 (90000-240000)
NET VAT PAYABLE= 150000
NOTE :CREDIT ON INTER STATE PURCHASE NOT ALLOWED
ANY CORRECTION POSTED
credit is not allowed..but VAT will be recovered on 3200000....
please someone answer..
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