Rate of tax on sales return
This query is : Resolved
31 December 2014
My query is relating to calculation of 2 different rate of tax,
In the VAT return there is only a figure of Taxable Sales Return 257400 &
Tax on Sales Return 20000
But in reality there is a 2 different rate of tax 14.5% & 5.5% , How do i bifurcate above figure as to 5.5% sales return & 14.5 % sales return without refering to the sourcses.
Thanking You Experts
In the VAT return there is only a figure of Taxable Sales Return 257400 &
Tax on Sales Return 20000
But in reality there is a 2 different rate of tax 14.5% & 5.5% , How do i bifurcate above figure as to 5.5% sales return & 14.5 % sales return without refering to the sourcses.
Thanking You Experts
31 December 2014
You can take credit of sales tax upon return of the goods. Amount of credit will be the amount of tax as originally billed by you.
Thanks!
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