Vat
This query is : Resolved
29 June 2012
raw materials
Rs 600000 + vat 4%
Rs 500000 + vat 5%
Rs 400000 + vat 12.5 %
Rs 100000 + CST 2%
profit - 20% on cost
Sales are made in the ratio of 80% local and 20% intership
Note - vat on local sale 12.5 % and interstate 2 %
Rs 600000 + vat 4%
Rs 500000 + vat 5%
Rs 400000 + vat 12.5 %
Rs 100000 + CST 2%
profit - 20% on cost
Sales are made in the ratio of 80% local and 20% intership
Note - vat on local sale 12.5 % and interstate 2 %
CMA Ramesh Krishnan
(Expert)
29 June 2012
Total purchase value
Rs.(600000+500000+400000)input vat available + (Rs.102000)CST unable to set off = Rs.1602000/-
20% on cost Rs. 1602000x20% =320400 = Total sales value (1602000+320400) = 1922400/-
Local sales Rs.1922400x80% = 1537920
Interstate sales Rs.1922400x20% =384480
Vat12.5% on Local sales Rs.1537920x12.5% = 192240
Cst 2% on Interstate sales Rs.384480x2% =7690/-
Against VAT payable set off through purchase Rs. 99000/- balance VAT Payable Rs. 93240/-
CST payable Rs.7690/- (no set off on CST)
Rs.(600000+500000+400000)input vat available + (Rs.102000)CST unable to set off = Rs.1602000/-
20% on cost Rs. 1602000x20% =320400 = Total sales value (1602000+320400) = 1922400/-
Local sales Rs.1922400x80% = 1537920
Interstate sales Rs.1922400x20% =384480
Vat12.5% on Local sales Rs.1537920x12.5% = 192240
Cst 2% on Interstate sales Rs.384480x2% =7690/-
Against VAT payable set off through purchase Rs. 99000/- balance VAT Payable Rs. 93240/-
CST payable Rs.7690/- (no set off on CST)
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