vat calculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2010
i have got a bill from one of my creditors that is as follow-
total amount - 357560
excise duty@ 4% 14302
addition excise for paper
manufacturer @1/8% 447
education cess 295
h.edu.cess 147
insurance @ 0.4 % 1491
my queries is that either insurance charge will taken for calculating vat or vat will calculate by excluding insurance charge
your reply will be highly appreciated by me .
i have got a bill from one of my creditors that is as follow-
total amount - 357560
excise duty@ 4% 14302
addition excise for paper
manufacturer @1/8% 447
education cess 295
h.edu.cess 147
insurance @ 0.4 % 1491
my queries is that either insurance charge will taken for calculating vat or vat will calculate by excluding insurance charge
your reply will be highly appreciated by me .
14 October 2010
as per my knowledge vat will be calculated on goods value. insurance charges will not applicable to vat.
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