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Vat

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(Querist)
05 September 2013 how is vat calculated
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 September 2013 on sales value need to apply the VAT rate specified by the VAT act
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
05 September 2013 A SIMPLE EXAMPLE...

Bought goods for 62,000
incl. VAT..

62,000 x 25/125 = 12,400,

VAT RATE= 25 PERCENT ASSUMED..

Sold goods for 150,000
excl. VAT.

150,000 x 25/100 = 37,500

VAT payable

VAT ON OUTPUT - VAT ON INPUT

37,500 - 12,400 = Difference 25,100

Click below for more detailed example..

https://smallbusinessindia.intuit.in/starting-business/how-to-calculate-vat/
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