MATHULAN (AUDIT ASSISTANT) (27 Points)
16 December 2013As per G.O Notification dated-31.10.2013 (G.O.(MS).No.137 of TNVAT Rules 2007- Amendment to Form-I
How to fill Closing Stock Value in Annexure-V for following Calculation ?
Purchase of Consumable items (Super Market) of Rs.1000/- (Qty-100 Nos) + Input VAT @ 5% .
Sale of 50 Qty @ Rs.12/- = 600/- + Output VAT @ 5%
Closing Stock - 50 Nos
Excess Input VAT Carried Fwd to next month of Rs.20/-
What will be the Closing Stock Value for this Input ?
Vijayalakshmi.P
(Chartered Accountant)
(62 Points)
Replied 30 January 2014
Hi any body tell me about the filling of Annexture V in Form I. How to calculate closing stock?
calculate from ITC carry forward or actual closing stock? which detail is required to be given ?
S.Balaji
(Audit Asst)
(27 Points)
Replied 01 February 2014
Hi ,
Nobody knows about the Vat Form V properly.
any sales tax people advice me.
Thanks
S.Balaji
AMALAN
(ACCOUNTS OFFICER)
(25 Points)
Replied 21 March 2014
Hi, Mr. Muthulan,
Closing stock Value Rs. 400/- @ 5% - Excess VAT c/f Rs. 20/-
Chandrasekhar Sagutoor
(service)
(28 Points)
Replied 02 February 2015
The value of closing stock shall be :50 x 10= Rs.500/- minus input vat ie.Rs.500 x5/100=Rs.25/-. hence closing stock shall be Rs.475/-
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