Mr.Rahul a Registered dealer in Maharashtra bought few units of Raw material from a registeres dealer in same state for a sum of 73,500 inclusive of VAT @ 5% .He sold the same to the consumer in Maharashtra at a profit of 30% on SELLING PRICE? Find Net VAT Payable ?
3 Replies
jaya krishna
(Chartered Accountant)
(262 Points)
Replied 10 December 2015
vat payable -1262 (assume sale price includes vat)
vat payable -1500(assume sale price excludes vat)
vasudev
(asst.manager )
(26 Points)
Replied 12 December 2015
Purchase 735000 = 70000 + 3500
Sales 30 % profit 95500 = 91000+4550
So net val payable is Rs 1050/- (4550-3500)
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