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This query is : Resolved
Guest
Guest
(Querist)
16 January 2012
Good Morning Experts,
can u tell me this that if we sale some scrape( b grade lamp) than sir when i raised the bill to party than willl i add vat or deducted tcs . plz clear. sir
can u tell me this that if we sale some scrape( b grade lamp) than sir when i raised the bill to party than willl i add vat or deducted tcs . plz clear. sir
16 January 2012
VAT is applicable on Sale of scrap. Further TCS has to be recovered on the total amount including VAT.
Eg.
Sale Price 1000
Add: VAT @ 13.5% 135
Add: TCS @ 1% (1%*1135) 11.35
TOTAL 1146.35
So total amount to be recovered from buyer is Rs. 1,146.35/-
Eg.
Sale Price 1000
Add: VAT @ 13.5% 135
Add: TCS @ 1% (1%*1135) 11.35
TOTAL 1146.35
So total amount to be recovered from buyer is Rs. 1,146.35/-
16 January 2012
Vat is applicable on sale of Scrap at rate applicable in your state. then you wil get the gross amount. in that gross amount you will add TCS @ 1% and total will be recovered from buyer.
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