But,You can't add 12500 because VAT is not applicable on purchases from outside the state.All u can do is to add 2000 i.e 2% CST........
Please help solve this question
Page no : 2
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 24 October 2011
hello...
both the answer is correct...if u r assuming....
that 12.5 % is charged (goods purchased from other state)...as solved in book ahuja and gupta...
than ur asnwer will...25000..
other state purchase.. 112500
(Added: Other state Vat @ 12.5%)
local purchase 200000
(225000-25000 of vat)
other expenses and profit.. 87500
total 400000
vat charged @ 12.5% 50000
billed amount: 450000
Vat payable:
VAT liablity 50000
ITC on local purchase only* - 25000
Vat liability stands 25000.................................(1)
If you are not assuming...other state VAt..
then simply....
other state purchase 100000
local purchase 200000
exp. and profit 87500
Total 387500
VAT 48438
bill amount: 435938
Vat liabilty 48438
ITC -25000
VAT liability stands 23438.....................................................(2)
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