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URD PURCHASES (VAT)

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This query is : Resolved


( Author )
05 January 2009

A DEALER PURCHASES THE GOODS FROM UNREGISTERES DEALER IN A PARTICULAR MONTH FOR Rs.10000,AND IN THE SAME MONTH HE SOLD ALL THE PURCHASES MADE FROM URD @ RS. 12000, GOODS CARRY A TAXABLE RATE OF 4%.DO LET ME KNOW HOW TO ACCOUTN IN THE MONTH RETURN AND WHAT WOULD BE THE TAX LIABILITY FOR THAT MONTH?


CA Hemant T Dewani

( Expert )
05 January 2009

your purchase is urd so you are liable to pay tax on sales if your sales are inclusive of all taxes then you will calculate reversed working & show urd purchase & pay tax @4% tax


rachit shah

( Expert )
05 January 2009

avail credit of URD purchases and show as payable. thus, no liability for the same would arise..


rathish kumar.c.c

( Expert )
16 January 2009

firstly pay the tax on urd purchases and then take the credit for utilisation


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