hello friends..
i just want to know that if a person sells locallly and in invoice bills,
1) if he forgeted to show VAT Tax seprately
or
2) if he not charged VAT on bills
then what the penalties & interest will be levied to assessee
hello friends..
i just want to know that if a person sells locallly and in invoice bills,
1) if he forgeted to show VAT Tax seprately
or
2) if he not charged VAT on bills
then what the penalties & interest will be levied to assessee
Dear Gaurav,
The total sales price shall be deemed of inclusive of VAT .
e.g. Total Sales Rs.100 (VAT @ 12.5% is not shown separately)
Then Assessable Value = 100/1.125 = Rs.88.8889
VAT = 100/(1+T)*T = Rs.11.1111
The penalty and interest for non payment of VAT will be same as if the VAT has been charged separately and not paid to the Govt.
CAclubindia
