Can anybody provide me the answer of 1(d) and of enhanced compensation?
Gaurav Singh (student) (496 Points)
09 November 2011Can anybody provide me the answer of 1(d) and of enhanced compensation?
Rahul
(Chartered Accountnat CS)
(1580 Points)
Replied 09 November 2011
Purchases eligible for VAT credit
1 NIL- CST
2 12 LAC X 1% = 15,000
3 NIL
4 6 LAC X 12.5% = 75000
90,000
2 OUTPUT VAT = 27 LAC X 4% + 32 LAC X 1% + 8 LAC X 12.5% = 2,40,000
NET VATT PAYBLE = 1.5 LACS
Gaurav Singh
(student)
(496 Points)
Replied 09 November 2011
Rahul
(Chartered Accountnat CS)
(1580 Points)
Replied 09 November 2011
TAX ON PURCHASE
X 1% 1500000= 15000
Z 12.5% 600000=75000
TOTAL= 90000
TAX ON SALE
X-4 % ON 2700000= 108000
1% 3200000= 32000
Z- 12.5% * 800000=100000
TOTAL =240000
GROSS VAT PAYABLE=150000 (90000-240000)
NET VAT PAYABLE= 150000
NOTE :CREDIT ON INTER STATE PURCHASE NOT ALLOWED
ANY CORRECTION POSTED
Kamal
(article)
(165 Points)
Replied 09 November 2011
Gaurav Singh
(student)
(496 Points)
Replied 10 November 2011
credit is not allowed..but VAT will be recovered on 3200000....
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
