Output tax on capital goods

This query is : Resolved

ritu mehta (Querist)
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31 December 2011 HI
THERE IS A QUERY ABOUT OUTPUT TAX SALE OF CAPITAL GOODS WHICH IS EXCLUSIVELY USED FOR B'NESS.
MY CLIENT HAS NOT COLLECTED OUTPUT VAT ON SALE OF CG -MOTOR CAR FOR rS 350000.
NOW QUES. RAISE THAT HOW WE CAL. OUTPUT VAT ON CG
ALT 1-350000*13.5%
=47250RS
ALT.2- 350000*13.5/113.5
=41630

WHICH ALT. IS RIGHT.

PLS REPLY FAST.
ITS URGENT AS TODAY IS THE LAST DAY FOR VAT AUDIT.

Prakash Kochar

Prakash Kochar (Expert)
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02 January 2012 Under Mah. Vat out put tax is to be calculated under rule 57 - if tax is not seperately charged on sale value.
Tax = Gross sale price X (rate of tax /(100+tax rate).
confirm tax rate as per schedule, which may be diff. in different state.

Prakash Kochar

Prakash Kochar (Expert)
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