Urgent - sales tax
This query is : Resolved
08 August 2011
Dear Sir,
We are mfrs.unit & as per one of our expert suggestion vat will not be charged on freight & tpt chgs in maharashtra. But one of our well wisher gave us detail of vat rule under which vat will be charged on freight & tpt chgs. I am confused, which rule I have to follow? Pls Suggest.
Giving hre brief of that rule.
Rule : (25) ?sale price? means the amount of valuable consideration paid or payable to a dealer for any sale made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged.
pls suggest.
Tnks.
Reshma
We are mfrs.unit & as per one of our expert suggestion vat will not be charged on freight & tpt chgs in maharashtra. But one of our well wisher gave us detail of vat rule under which vat will be charged on freight & tpt chgs. I am confused, which rule I have to follow? Pls Suggest.
Giving hre brief of that rule.
Rule : (25) ?sale price? means the amount of valuable consideration paid or payable to a dealer for any sale made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof, other than the cost of insurance for transit or of installation, when such cost is separately charged.
pls suggest.
Tnks.
Reshma
10 August 2011
Reshma,
If Amount of freight is shown separately in Bill/Invoice than NO Vat is payable on Freight/Transport charges. But if you include the amount of Freight and Transportation in valuation of goods then VAT is payable on whole amount/invoice amount. so use the following pattern to avoid the VAT on Freight/transport charges.
Goods Value Nos. X price per unit = Rs.
VAT on above % = Rs.
Tatal = Rs.
Add: Freight + Transportation = Rs.
Gross Total = Rs.
If Amount of freight is shown separately in Bill/Invoice than NO Vat is payable on Freight/Transport charges. But if you include the amount of Freight and Transportation in valuation of goods then VAT is payable on whole amount/invoice amount. so use the following pattern to avoid the VAT on Freight/transport charges.
Goods Value Nos. X price per unit = Rs.
VAT on above % = Rs.
Tatal = Rs.
Add: Freight + Transportation = Rs.
Gross Total = Rs.
Message likes :
1 times
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Registration as Authorised Representative of minor
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
