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Is it authentic way of tax invoice?

Mahavat 859 views 3 replies

Mr. X (Dealer) purchases goods from out of Maharashtra against C-FORM (OMS) @ Rs.107 per box inclusive of everything. He wants to sell same goods in tax invoice format in Maharashtra. I.e. Net + Tax separately shown in invoice format.

Bill format is given below:

Cost of purchase   Rs. 107 + profit per Box Rs. 10 = Total Rs.117

Bill as under:

Net Amt of Box      Rs.97.50

Vat 20%                  Rs. 19.50

Total                        Rs. 117

Is it authentic way of tax invoice?

Replies (3)

Purchase asseable value 89.17 and vat @ 20% =17.83 take input vat credit

at the time of sale

Net Amt of Box      Rs. 97.50

Vat 20%                  Rs. 19.50

Total                         Rs. 117

 

Tltal vat libility   19.50-17.83=1.67 to be paid to vat department.

X (Dealer) purchases goods from out of Maharashtra against C-FORM (OMS) eg: Goa so he not liable to get input credit under MVAT Input Credit.

Input Credit available , when buying & selling activity carried out within the same state.

 

My question is if shows Bill as under:

Net Amt of Box      Rs.97.50

Vat 20%                  Rs. 19.50

Total                        Rs. 117

Is it authentic way of tax invoice if we put Net amt  below purchase Amt  but Total amt of Tax Invoice Rs.117 inclusive of Our Profit {Cost of purchase   Rs. 107 + profit per Box Rs. 10} only presentation is in different style?

Yes

CST paid on input is not available ....

 

but 1 thing is not digestable....

 

The Cost to dealer for the product is 107(because he will not get ITC for CST) ....n he is selling it for 97.5(19.5 is the tax amt wich will go to govt.)....so it is not only the disserent style of presentation......

 

the proper approcah to earn a profit of rs 10 would be ...107+10=117+20%=140.4, it shud be the selling price


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