Output tax on capital goods
This query is : Resolved
ritu mehta
(Querist)
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.
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
(Expert)
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.
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
(Expert)
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.
Tax = Gross sale price X (rate of tax /(100+tax rate).
confirm tax rate as per schedule, which may be diff. in different state.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Capital Gains Tax on Inherited Mutual Fund
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
