Dear Sir,
Kindly suggest on this.
we have Given cash discount as per this example.
Total Price - 100
Trade Discount(10%) - 10(Now value became 90(100-10)
Cash Discount(2%) - 1.80 (Now value became 88.20(90-1.80)
Vat Applied 15% - 13.23 (Now Value Became 101.43(88.20+13.23)

Is it better way for accounting or vat will be apply before reduction of cash discount????

dear sir

as new updates had ammended in case of commericial tax GST of ITC Reconcile i have check my ITC reconcile where i found many of my suppliers had not file return as shows in red coulour as itc unreconcile so pls help me in drafting letter of itc unrecocile so that i can write to my sellers

hello my query relates to up vat one of our clients has bought a capital asset in may 2016 for which ITC first installment will begin in may 2017. but before that in Nov 2016 he sells such capital asset what would be the effect on vat credit that will arise in 3 yrs beginning from may 2017.

Dear Friends,

In this case, The Assessee is Registered under DVAT but he Deals in Retail Business. The Assessee had purchased Gold as Investment 4 years ago. He had then Sale this Gold to a Registered Gold Dealer and Issued a Invoice and Charged VAT from the Purchaser and filed his Return accordingly.

My Query lies that the Assessee has filed Wrong VAT Return as he does not deals in Gold and cant be shown as Part of Sales in VAT return as the Gold was an Investment. Hence, he should Revise the VAT Return for the particular Quarter and Refund the VAT Charged from the Purchaser and instead in his Income Tax return the Assessee Should show as Long Term Capital Gain with Indexation Benefits.

Also if we show this Sale of Gold as "Sales" in ITR also it leads to Double Taxation as Sales is Also Increased and also Paying Tax on Long Term Capital Gain, if any after Indexation.

Is my Contention Correct???

dear sir, my client had received notice from sales tax office of Rs 19478. In the letter it is not mentioned for which it is demanded there is option interest\penalty ....... so on nothing has been ticked out. Other fact of case is 1. It was registered on may 2012. 2. may 2012 to July 2013 return has been filed in which there were only a month when there was vat payable 2600 which was paid 2 month late. rest all return is nil filed. 3. from Aug 2013 to till now no return has been filed. All will be nil return. now from the above fact my query is 1. For what this demand has been raised ?

Hi,

I am a vat holder I am trying to upload my vat return file but it is not possible to upload.

Durations are : April 16 to June 16, July 16 to Sep.16

Dear Friends,

In my Case, The Goods are Exported Abroad and the Importer on that Country clears our goods for further Sale in Exhibition. In VAT Return, The Sale of Goods are shown as per the Custom Invoice Value as and when the Exports take place on a particular quarter.

My Problem lies is that if the Goods Sold are as per Purchase Cost and Sale of those goods depends on the rate we quote to each customer, then how income received from sales will be shown in ITR and Vat Return

For Example:- Mr. "A" Sends goods of Rs. 20Lacs to Country "X" where Importer "Y" clears goods for Exhibition for Mr. "A". Now Mr. "A" is able to sell these good for Rs. 25 lacs. So how "Mr.A" will show the receipts received in VAT Return and ITR. As Sale of Rs. 20 Lacs is already shown in VAT Return at the time the goods were Exported but what about the Excess Rs. 5 Lacs "Mr. A" Received, How will he show in his ITR and VAT Return. Keeping also in mind that he has declared all his Receipts from his Sale Proceeds of Rs. 25lacs in the Custom Authorities.

Await Response from Genius Minds around.. Thank You :)

Dear Sir,


i want to know about MVAT new rate ie VAT percentage , 12.5% or 13.5%

Dear Sirs,

We all know that in case of restaurants both VAT and Service Tax are levied in some cases.

My question is this: Suppose, we buy a food item of Rs.500 at a restaurant. The bill given is like this:

Rs.500 (Basic amount) + 15% VAT on full basic amount of Rs.500 + 6% Service tax on full basic amount of Rs.500

I think, this is the case of double taxation on the SAME amount of Rs.500/-

In my opinion, VAT should be charged on 60% amount (500 * 60% = 300) and Service tax should be charged on 40% amount (500 * 40% = 200).

I have query regarding text file creation in new MVAT return template. In my case return is prepared successfully and massage appears as "text file created on your desktop" .....but no such file is visible on desktop. Can any one tell me what is the main issue and how to resolve it.. Thanks in advance