Vat

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Shruthi (Querist)

29 June 2012 raw material purchase from local - Rs 400000 + 4% vat
Raw materials interstate - Rs 500000 + 2% CST
Import - Rs 600000 + custom duty 15%
profit margin - 1/4 th of sales
Net vat payable - ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

29 June 2012 1.Local purchase value Rs.400000 ( since VAT input available so not forming part of cost)

2.Interstate purchase Rs.500000+ Cst 2% 10000 = 510000 ( CST no input)

3.Import = 600000+15% custom duty Rs.90000

So total cost =400000+510000+690000= 1600000

Margin 1/4 th of sale means 25% on sales so cost will be 75 %

75% Cost = 1600000/75x100 = Rs.21,33,333/-

So VAT payable on sales Rs.21,33,333/- less the input available on Raw materials Rs.16000(local purchase)

Since the out put VAT percentage not mentioned here, so quantification unable to give

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Shruthi

Shruthi (Querist)

30 June 2012 sir if vat % was 12.5% then how to solve

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

30 June 2012 VAT 12.50% payable on Rs.21,33,333/- Rs.2,66,667/- less Input VAT Rs.16,000/- payable Rs.2,50,667/-

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