VAT RATE ON VAT EXEMPTED PURCHASE ?
This query is : Resolved
22 April 2008
WHAT IS THE VATE RATE OF VAT EXEMPTED PURCHASE ?
IF WE HAVE PURCHASED MATERIAL FROM ABC PARTY WHO IS EXEMPTED FOR SALES TAX VAT THAN WHAT VAT RATE WE CHARGE FOR SALES INVOICES ?
IF WE HAVE PURCHASED MATERIAL FROM ABC PARTY WHO IS EXEMPTED FOR SALES TAX VAT THAN WHAT VAT RATE WE CHARGE FOR SALES INVOICES ?
22 April 2008
WHAT IS THE VATE RATE OF VAT EXEMPTED PURCHASE ?
IF WE HAVE PURCHASED MATERIAL FROM ABC PARTY WHO IS EXEMPTED FOR SALES TAX VAT THAN WHAT VAT RATE WE CHARGE FOR SALES INVOICES ?
IF WE HAVE PURCHASED MATERIAL FROM ABC PARTY WHO IS EXEMPTED FOR SALES TAX VAT THAN WHAT VAT RATE WE CHARGE FOR SALES INVOICES ?
22 April 2008
if your purchases are from exempted unit then you will charged vat on gp only f.e. if your purchase is rs.10000/ from exempted unit package scheme of incentive and you gp is rs 1000/- then you sales is rs 11000+vat on rs 1000/ rate applicable to that goods in your state
22 April 2008
If you purchase vatable material from a dealer not registered under VAT, you have to pay purchase tax @ 4% which u are not entitle for Input Tax Credit. Therefore U have to raise invoice by charging at applicable VAT Rate (since u r a VAT dealer) keeping in view your margin and extra taxes paid.
If u need any clarification get back to me
If u need any clarification get back to me
23 April 2008
Dear ,
u have to charge vat as per schedule rate for your sales invoice.
u have to charge vat as per schedule rate for your sales invoice.
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