What is the taxable amount of sale for MVAT in case of a dealer of metal plates?
Should I calculate MVAT on 75% of bill amount or on 100% of bill amount?
Plz suggest me?
CA PANKAJ KOTHARI
(ACA)
(130 Points)
Replied 16 September 2010
the taxable amount of sale for MVAT in case of a dealer of metal plates IS 100% OF BILL AMOUNT
Ravi Prasad
(Self employed)
(148 Points)
Replied 20 September 2010
In VAT, the tax is calculated on the sale price 100% and the same is charged and collected. Then if you have paid tax while purchasing the same goods, you must claim the tax paid by you at the time of purchase as rebate and pay the difference tax to the State.
CAclubindia
