Value for vat and entry tax
This query is : Resolved
18 March 2013
Dear Experts,
What can part of Invoice value for Vat (Karnataka) billing and on what value entry tax need to be paid under Karnataka entry tax ac 1979.
This is urgent pl....
What can part of Invoice value for Vat (Karnataka) billing and on what value entry tax need to be paid under Karnataka entry tax ac 1979.
This is urgent pl....
20 March 2013
Mr Loknath,
All the amounts you receive on sale of goods as consideration has to be taken for VAT calculation. This includes packing and transportation charges.If there are any tarde or special discounts,the balance amount shown as payable is liable for vat.In case any interest is charged for delayed payments such charges are to be excluded for vat levy.Any free samples and supply free of cost under promotionl schemes are also to be excluded from vat...mjk
All the amounts you receive on sale of goods as consideration has to be taken for VAT calculation. This includes packing and transportation charges.If there are any tarde or special discounts,the balance amount shown as payable is liable for vat.In case any interest is charged for delayed payments such charges are to be excluded for vat levy.Any free samples and supply free of cost under promotionl schemes are also to be excluded from vat...mjk
17 July 2013
Yes I agree with the expert as you have to take gross value for VAT
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