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Please help me professionals....
Ms.vivitha a resisted dealer in Tamil Nadu, boughts 10 units of raw material from another registered dealer in the same state for a sum of ₹73,500 + 5% vat . She sold the same to a consumer in a Tamil Nadu at a profit of 30% on SP . WHAT will be the net VAT liability payable to the state government?
Replies (1)
1575/- ( Assuming VAT @ 5% on Sales Also & Full ITC eligible )
73500/70 x 100 = 105000/- x 5% ( VAT ) = 5250
VAT on Purchase 73500 x 5 % = 3675
VAT on Sales 5250/-
VAT on Pur 3675/-
Bal Payable 1575/-
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