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Vat

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2013 compute the vat payable to the govt. by G & H:
G sold to H - Sale price rs. 10000

tax?

H sold to I sale price 15000
tax ?
less: ?
bal. payable to govt.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 December 2013 u havent mentioned the vat rate?
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
18 December 2013 You have not given the rate of tax Take it as 14%. When G sells for Rs10,000/- he should collect Rs 1400/- as vat and pay to government.Now H sells to I for Rs15,000/-and should collect Rs1875/-@12.5%as Vat. H can pay Rs1875 -1400=Rs475/- to the govt....mjk
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
18 December 2013 You have not given the rate of tax Take it as 14%. When G sells for Rs10,000/- he should collect Rs 1400/- as vat and pay to government.Now H sells to I for Rs15,000/-and should collect Rs1875/-@12.5%as Vat. H can pay Rs1875 -1400=Rs475/- to the govt....mjk
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