Karnataka state vat act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2014
Dear Friend
My client having depot at Bangalore and having manufacturing unit at Pondy. Now we are transferring goods from Pondy to Bangalore through form F and then we are selling local market with applicable local tax. While making local sale my client having the following format of Invoice:
Basic Value of Material 100
ED 12
Total for Sale Tax (A) 112
ST @ assume 14% on A 15.68
Total 127.68
Add:
Freight 10
Insurance 5
Total Value of Invoice 142.68
Now department asking to pay K VAT for entire amount means (100+12+10+5)x 14%
Whether this view is correct or can i argue for exclude freight and Insurance
CA SENTHIL
My client having depot at Bangalore and having manufacturing unit at Pondy. Now we are transferring goods from Pondy to Bangalore through form F and then we are selling local market with applicable local tax. While making local sale my client having the following format of Invoice:
Basic Value of Material 100
ED 12
Total for Sale Tax (A) 112
ST @ assume 14% on A 15.68
Total 127.68
Add:
Freight 10
Insurance 5
Total Value of Invoice 142.68
Now department asking to pay K VAT for entire amount means (100+12+10+5)x 14%
Whether this view is correct or can i argue for exclude freight and Insurance
CA SENTHIL
09 August 2014
VAT should be calculated on selling cost ( including insurance, freight etc) which is captured in the tax invoice,
No need to pay VAT on freight, If freight & insurance are not charged in the tax invoice
Pls refer the case between Yamaha motor vs up commercial tax.
No need to pay VAT on freight, If freight & insurance are not charged in the tax invoice
Pls refer the case between Yamaha motor vs up commercial tax.
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