can anyone explain me in full on what is VAT , how it is computed , accounted for etc. I would like to know it in a detailed format since I am an articled assistant whenever i go to any co. for audit. it really becomes impossible for me to do the audit of statutory departments. because i am unknown to all these , i would also like to know the same for excise duty and CST. Please provide it to me as early as possible since its really very urgent.

We have sold a laptop for Cash Rs.9600/- which had a book value Rs.6678/- as on date of Sale. My question is as follows

1) Will it attracts vat on sale of asset.
2) What will be the accounting entries.
3) Any approval to be enclosed with the receipt.

Dear Experts,

I have confusion regarding "C" Form. As u know now we need to issue "C" Form on Quarterly basis. I want to know when we are liabile to issue "C" Form on the Purchase Bill date or on the date of receipt of material to the purchaser.

For Example

Suppose we have ordered for X item to Party A from Mumbai. A generate bill on 29th June and material delivers to us on 2nd July.

In above case when we are liabile to issue "C" Form. In 1st Qtr or in 2nd Qtr. If we issue "C" Form in 1st Quarter - how can we issue because we are not in receipt of material. IF we issue "C" Form in 2nd quarter what is the date of bill because date of bill is 29th June.

Plesae advise with examples i am in very confusion.

thanks in advance

Jaipal

Please suggests whether a revised return of March Q.E. 2010 can be filed in 31.07.2010
If not what will be the consequences?

HI,
I NEED A HELP FROM EXPERTS,

WE HAVE A MFG.UNIT IN ROORKEE AND A SALES OFFICE IN NOIDA, FOLLOWING IS THE QUERY

1. SUPPLIERS SENT US THE FAULTY PARTS OF THE PRODUCTS WITH FORM-38(ROAD PERMIT) IF WE REPAIR THE PART AND SEND THEM BACK BUT IF PARTS IS NOT REPAIRABLE WE REPLACE THE PART NOW THE MATTER IS SHOULD WE CHARGE THE VAT ON REPLACED PART.

hi

The claim of one quarter input vat credit can be adjusted in another quarter.beacause in this quarter my accounting is incomplete so there are some purchase bill which required to entered

Sir,

Please give the procedure and method of filling of VAT Return in case we do not have the purchase bills?

and also if we purchase from the unregistered dealers. TAMIL NADU.

Hello,

My Client is a Private Limited Company having only two directors cum shareholders. One Fine morning New two persons come in as Directors - Shareholders and the old two resigned is the same day.

My Query is the TIN obtained in TN Govt.Under VAT Act gets cancelled or it can be continued.

hi everybody,

Could anybody tell me about...

1)What are the statutory requirements of sales tax in oil & gas industry?

2) What desciplinary action should be taken for any mistake committed by sales tax person while filing statutory requirements to legal deptt. and if any financial loss caused to organisation due to his default?

Instant reply would be highly appreciated.

I purchased material from vendor who is under composit scheme in vat.he has collected vat at 5% on his bill amount. so in this case can i take input tax credit on which amount collected by vendor.

Kindly reply me as soon as possible...,

Advance thank you all....,


shambu