Vat
This query is : Resolved
Querist : Anonymous
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.
G sold to H - Sale price rs. 10000
tax?
H sold to I sale price 15000
tax ?
less: ?
bal. payable to govt.
18 December 2013
u havent mentioned the vat rate?
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
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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