collected vat at higher rate

This query is : Resolved

john (Querist)
Follow

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.)

CA Deepak P. Agrawal

CA Deepak P. Agrawal (Expert)
Follow

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

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Richa Bajoria

Pavithra Doss

Dhananjay Patil

Raviraj ponkshe

CA Saurabh Jadhav

Subscribe Now

collected vat at higher rate

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

Article Assistant

Accountant