I am havin doubt on calculation of Vat
My doubt is if 215 Rs. is the amount of invoice which is inclusive of exsice duty 10.3 and vat 14.5 percent. and i need only value of invoice when vat is excluded, and say the proceedure
18 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 January 2011
Please tell me correct invoice amount because I think that amount will be Rs.215.00
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
I am asking Basic price amount ,Invoice 215 rs is the inclusive of excise duty 10.3% and 14.5 % vat. i want the amount excluding VAT.
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 January 2011
Yes but I think invoice amount will be rs. 212.00
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
its is a totally wrong. the invoice amount is 187.but i want to know what is the proceedure .
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 January 2011
Well I was saying that 212.00 will be gross amount including tax. And I think that you are totally wrong because 187.00 can’t be invoice amount. Just check is there any abatement in excise duty?
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
how could it be 212, as i said that 215 is invoice amount including excise and vat, i asked what is the amount excluding the vat in the invoice amount.212 is the wrong answer
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 January 2011
You are totally confused. I m saying amount will come Rs.212.00 That is gross amount including taxes. I think you should see invoice again I think which you are telling is not correct.
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
Sorry man u r not getting my question, any thanks for u r answers
Pravin Mahadik
(Practicing Cost Accountant)
(78 Points)
Replied 21 January 2011
Dear Saivarma,
Gross invoice value is Rs. 215 and it include VAT 14.5%. therefore u have to devide Gross invoice amt by 114.5 & multiple by 100 than u will get Rs. 187
215/114.5*100= 187.77
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
Dear Sir
Thanqs for the answer , My team Lead also said the same , but why shouls we divide the amount with 1.145,
Pravin Mahadik
(Practicing Cost Accountant)
(78 Points)
Replied 21 January 2011
Dear Saivarma,
Gross amt include Vat amt
suppose ur vat excluding amt is Rs. 100, u will charge 14.5% vat on that i.e. Rs. 14.5. it means u r gross total value is Rs. 114.5. Therefore u have to devide gross amt by 114.5 and multiple by 100 then u will get excluding vat amt.
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 January 2011
But could pls show invoice amount + vat + excise duty = rs.215.00
saivarma
(articles assistant)
(127 Points)
Replied 21 January 2011
Thank u Sir , My doubt is cleared.
And MR Pankaj
Invoive Amount is 169 rs
Excise Dute 10.3% =18
Gross amount = 187
Vat 14.5% =28
Total Amount =215
SUDERSHAN KUMAR NARANG
(PARTNER)
(21 Points)
Replied 21 January 2011
I AM POSTING A QUERY PLEASE REPLY :
A HOSPITAL IN HARYANA IS CHARGING PACKAGE PRICE FOR TREATMENT WHICH INCLUDES PROFESSIONAL CHARGES ,ROOM RENT,NURSING,MEDICINE/SURGICALS ETC ALL INCLUSIVE BUT NOT GIVING DETAIL OF EACH HEAD SEPERATELY IN THE BILL RAISED .WHAT SHALL BE VAT LIABLITY IN THIS CASE.
THANKS
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