Incidence of vat
This query is : Resolved
Rahul J Sangani
(Querist)
31 May 2013
Total Turnover is INR 6,00,000.
Taxable Turnover is INR 6,00,000
Taxable purchase INR 5,00,000
Now on what amount VAT needs to be paid
6,00,000 or 1,00,000?
Taxable Turnover is INR 6,00,000
Taxable purchase INR 5,00,000
Now on what amount VAT needs to be paid
6,00,000 or 1,00,000?
CMA Ramesh Krishnan
(Expert)
16 June 2013
Output VAT need to calculate on Rs.600000 and compute the input vat available on purchases Rs.500000
so difference between computed output vat and input vat need to be paid
so difference between computed output vat and input vat need to be paid
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