TNVAT Return

Ajay s (Accounts Officer) (243 Points)

13 May 2011

How Tax amount is calculating , if we are doing TNVAT Return in Form i ?

Reply
Follow
Share

4 Replies

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 14 May 2011

Net sales value ( excluding vat) * rate of vat = Net vat charged

less

Vat paid on purchase

= Net vat payable ( challan paid to bank )

Ajay s (Accounts Officer) (243 Points)
Replied 16 May 2011

Thank U Mr.Sharma

Can u Explain the VAT Payable if

Receipt 10,00000/-

Less IT 20000

LeSS WCT 20000

Net Received 960,000/-

Purchase 5,00,000/- Vat Paid 62,500/-

Pls explain?

Nizzu (.) (34 Points)
Replied 25 May 2011

If your purchase 5,00,000 and its under 12.5% rate of tax then (asume the GP 10%) then you total consumption is

5,00,000 add gp 10% then the total sale become 5,50,000 then tax on taxable turnover is (5,50,000 * 12.5%) is 68750

Tax payable is .......68750

less ITC 62500

less wct 20000

then next liability is (-13750)

Ajay s (Accounts Officer) (243 Points)
Replied 26 May 2011

Thank u Nice answer Nizzu

Start a New Discussion