kishore (asst) (29 Points)
12 October 2012I had imported some tablets for installation in my business out of which I sold some to retail customer.I have some question :
1.What should have been the VAT rate on retail sale?
2.In 2A in purchase how many number of tablets should I show as purchase-Total quantity imported or quantity sold to retail customer?
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 12 October 2012
1. In 2A , you have to show the number of tablets purchased, not the number of tablets u have sold to customer.
2. Rate on retail sale is that rate on which u have purchased.
Regards
Piyush Tanwar
Article Assistant at Tiwari & Associates, Karol Bagh, New Delhi
Email - imcoolpiyush.tanwar @ gmail.com
Mobile No. - 09717468521
kishore
(asst)
(29 Points)
Replied 14 October 2012
Thanks for replying Piyush.
As I mentioned, Imported the tablets and I was not charged Vat.But I charged Vat on retail sale @ 5%.Is it the correct rate?
Second thing suppose I imported 150 tablets and out of which I sold 10 to retail customer and rest I kept in stock for installation in my IT business.In this case will I have to show purchase of 150 tablets in 2a.
Thanks in advance.
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