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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
