vat calculation
This query is : Resolved
23 July 2009
Dear Experts,
My client has medical shop. He sells medicines at the MRP Rate(Inclusive of all taxes). His sales for last month comes to Rs.27000/-. He is registered under Tamilnadu VAT. He has not collected any tax amount separetely. The amount mentioned in the bill is MRP Price. Whether he has to pay any tax? If so, How to calculate the VAT? Thanks in Advance.
My client has medical shop. He sells medicines at the MRP Rate(Inclusive of all taxes). His sales for last month comes to Rs.27000/-. He is registered under Tamilnadu VAT. He has not collected any tax amount separetely. The amount mentioned in the bill is MRP Price. Whether he has to pay any tax? If so, How to calculate the VAT? Thanks in Advance.
Vishnu Saboo
(Expert)
24 July 2009
tax is collected, whether separetely or inclusive, hence tax must be diposited in Govt. treasury.
Tax Can be calculated as per revers calculation i.e. if Value is 100 inclusive of 4% tax then 100/104*4= Tax.
Tax Can be calculated as per revers calculation i.e. if Value is 100 inclusive of 4% tax then 100/104*4= Tax.
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