Vat
This query is : Resolved
20 September 2012
If Transaction is say inclusive of vat then how would you figure it out what is actually vat amount. Give an example
21 September 2012
After the introduction of vat in all states, the supplier of the product should issue VAT/TAX invoice showing the VAT portion separately in the invoices in order to enable the purchaser to avail the ITC. So, in the case of inclusive of vat (very rare cases) kindly get a letter from the seller that in the bill so and so...we have collected .... Rs... as tax and the percentage of tax...5% or 14.5% ... and the same is remitted to the govt.
After that, you have to segregate the vat portion. This is not the correct procedure and hence advise the party to issue vat invoice with vat rate and vat amount.
After that, you have to segregate the vat portion. This is not the correct procedure and hence advise the party to issue vat invoice with vat rate and vat amount.
22 September 2012
To calculate the amount of VAT, Where the transaction is inclusive of tax, apply formula as follows:-
" Amount of deduction = SP(R/100+R)
Where R = the rate of tax applicable to sale
of the goods.
SP = the sale price of goods".
" Amount of deduction = SP(R/100+R)
Where R = the rate of tax applicable to sale
of the goods.
SP = the sale price of goods".
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