hiiiiiiiiiii,
Please tell me how can i calculate the sales tax .
assume purchase of the 100000/- and sales 85000/- is rs ..
ashish gupta
( student)
(1922 Points)
Replied 06 December 2011
your query is not clear. Check the sale and purchase invoices for VAT amount
Abhilash V
(CA Final Student)
(33 Points)
Replied 06 December 2011
Purchase of Rs. 100000 assuming tax rate is 5% hence we will get input credit of Rs. 5000 (100000*5%)
Sales is Rs. 85000 assuming tax rate is 5% hence tax payable is Rs. 4250 (85000*5%)
Sales Tax Payable 4250
Less: Input Tax credit 5000
Balance -750
The excess input credit of Rs. 750 can be carried forward to next month or refund can be claimed.
| Originally posted by : Abhilash V | ||
 |
Purchase of Rs. 100000 assuming tax rate is 5% hence we will get input credit of Rs. 5000 (100000*5%) Sales is Rs. 85000 assuming tax rate is 5% hence tax payable is Rs. 4250 (85000*5%) Sales Tax Payable 4250 Less: Input Tax credit 5000 Balance -750 The excess input credit of Rs. 750 can be carried forward to next month or refund can be claimed. |
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CAclubindia
