calculation of vat on mrp-medicines in karnataka
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2010
Am from Karnataka, running a medical shop,I would like to know the following:
1. Vat is paid on medicines on MRP to the distributor.The distributor gives me a bill on cost price and charges me vat on mrp.Eg: we buy a medicine @rs.100 . But the distributor charges on mrp that is mrp price rs.150@5% =7.5. So we pay to the distributor Rs.100.00 +7.5.00 = Rs.107.50 NOw the question is when filing the vat returns can we offset the input return with output return ie.7.5-7.5=0. we dont have to pay tax. am i right.
how to calculate
1. Vat is paid on medicines on MRP to the distributor.The distributor gives me a bill on cost price and charges me vat on mrp.Eg: we buy a medicine @rs.100 . But the distributor charges on mrp that is mrp price rs.150@5% =7.5. So we pay to the distributor Rs.100.00 +7.5.00 = Rs.107.50 NOw the question is when filing the vat returns can we offset the input return with output return ie.7.5-7.5=0. we dont have to pay tax. am i right.
how to calculate
11 September 2010
sir
u can offset the input tax paid aginst output tax payable
u can offset the input tax paid aginst output tax payable
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