30 December 2007
sir, kindly answer my following qureies realeated to the UPVAT Act. 1. are the chalan/transfer memo is erased for the every transaction even through TAX/SALES Invoices, Bill/Cashmemo/ Purchase Invoices. 2. Can we charged VAT from Purchaser seperatly in ever Invoices i.e. TAX/SALES Invoices, Bill/Cashmemo under the UPVAT Act. 3. I have purchased footwear ( tax@ 12.5% from unregistred dealer of Rs. 100000. Now I Sold the same of Rs. 120000. I paid the tax on purchase from U/R dealer of Rs. 12500. and VAT on sale is Rs. 15000. So the As per Sec 15(1) NET TAX PAYABLE=GTP-AITC GTP (Gross TAX Payable)is Tax Payable on purchase from U/R dealer PLUS VAT on sale is Rs. 15000 i.e. 27500=00 Addmissle ITC for the periodis 12500=00 NET TAX PAYABLE=27500-12500=15000=00 My submmission is that IS IT A DOUBLE TAXATION? YES OR NO and Why?
CAclubindia
