collected vat at higher rate
This query is : Resolved
05 January 2010
if i had purchased goods with 4% vat and sold it with 12.5% vat
what problems i and my debtors would face as per both income tax and sales tax.
(in such a case I am collecting a higher tax for the govt would that create a problem/scrutiny.)
what problems i and my debtors would face as per both income tax and sales tax.
(in such a case I am collecting a higher tax for the govt would that create a problem/scrutiny.)
CA Deepak P. Agrawal
(Expert)
06 January 2010
If the Goods are taxable at 4% only then you can collect tax @4% only otherwise you will be in contravention of Section 60 of the MVAT Act and shall be liable for penalty u/s.29(10).
As regards to your debtor, he will get credit of 4% only.
So better abide by law and be constructive.
Regards
As regards to your debtor, he will get credit of 4% only.
So better abide by law and be constructive.
Regards
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