Tax liability if purchase & sales done as urd
This query is : Resolved
19 July 2014
Dear Sir / Madam, I am into business of personalised gifting. Currently, I have got an order from a company (manufacturer of steel utensils) who wishes to sell thier tiffin boxes in one of my product (tiffin bag)
I am not a registered Dealer and have no VAT Reg no.
I want to know how can i go ahead with this transaction? Should i get a tax invoice from my vendor?
My cost price would be 5,00,000 + 12.5% vat and selling cost would be 5,50,000 + 12.5% vat.
Can i give a tax invoice without VAT Tin no?
Can my customer claim set-off vat ?
Waiting for your reply? Thank you for your expert advice.
Vaibhav Dev
vaibhav.dev@gmail.com
I am not a registered Dealer and have no VAT Reg no.
I want to know how can i go ahead with this transaction? Should i get a tax invoice from my vendor?
My cost price would be 5,00,000 + 12.5% vat and selling cost would be 5,50,000 + 12.5% vat.
Can i give a tax invoice without VAT Tin no?
Can my customer claim set-off vat ?
Waiting for your reply? Thank you for your expert advice.
Vaibhav Dev
vaibhav.dev@gmail.com
19 July 2014
1. If your turnover is less than taxable limit (as it depends on stats where you are), no need for registration.
2. URD can not charge VAT on sale.
2. URD can not charge VAT on sale.
20 July 2014
Thank you sir for your reply. I am sorry that i didn't mention that i am located in Mumbai. But i am still unclear about the invoice structure.
If i get a bill of 500000 + 12.5% = 562500
from my vendor then what would be the bill amount that i can give to my customer if i want to earn rs 50000 on my basic cost (rs 500000)
If i get a bill of 500000 + 12.5% = 562500
from my vendor then what would be the bill amount that i can give to my customer if i want to earn rs 50000 on my basic cost (rs 500000)
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