CCI Online Coaching    |    x

VAT Calculation Method - Composition Scheme


03 March 2011

Dear All,

I want to know the method of calculation whether right or wrong?

We have works contract registration for VAT for which, we have calculated vat as inclusive method as follows

1) Taken all input set-off
2) Calculated percentage of vat as the proportionate of sales, means if we have received input vat of 4% of Rs.100/-, then the percentage of the same with sales, on which we have calculated @4% vat.

following is the eg.

if our sales of Rs.100/-, we have deducted 30% for labour portion, our taxable sales is Rs.70/-.

our purchases of 12% items of Rs.30/-
and 4% items of Rs.40/-

please guide

You need to be the querist or approved CAclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs
close x