Harish Desai (Director) (65 Points)
20 April 2016As I understand different products have different VAT rates ie. 1%, 4$, 5% 12.5% etc.
However if I put these items with different VAT rates in one box and sell that box then what VAT rate would be applicable on that box price?
How should the Invoicing be done?
- Harish
Kaushik
(Professional)
(549 Points)
Replied 22 July 2016
You have to mention all items with their rate in Invoice and charged.
One Box containing:
. Item1 2 Qt 250 Rate. 5.50%
Item2 3 Qt. 100 Rate 12.50%
Harish Desai
(Director)
(65 Points)
Replied 22 July 2016
Thanks for the reply.
I cant't do that.
I am selling box with multiple items. So I am selling the box at single price. I don't want to reveal prices of individual items in the box to the customer.
Harish Desai
(Director)
(65 Points)
Replied 22 July 2016
It is similar to selling school compass box which has pencil, eraser, ruler etc. Now shopkeeper sells me compass box at single price and also invoices me for compass box not individual items. Now what if the VAT rate is different for pencil, eraser, ruler etc.
Kaushik
(Professional)
(549 Points)
Replied 22 July 2016
Check your final product name in vat schedule.
If not covered elsewhere then tax rate is 12.5%
CAclubindia
