what if i am a vat tin no. holder and i purchase material from urs for rs.1000/- and sell the same for 1400/- to vat tin holder @ 12.5% vat. what will be my vat liabilities?
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Purchase and sale to VAT tin holder
Replies (3)
Dear Prem,
If you purchase from URD (Unregistered Dealer) and sell to Consumer or RD (Register Dealer), and charge VAT than you will have to pay VAT on GAC (Gross Amount Charged) i.e in your case on Rs. 1400/- @ 12.5% and you will not get any Input Credit as you have purchased goods from URD.
Hope your Query is Solved. :)
AGREE WITH ADITYA SIR,,,,,,,,,,VAT LIABILITY IS YOUR OWN.,,, IF YOU GOODS IS TAXABLE ,,,,,,SO THAT YOU SHOULD CHARGE YOUR INVOICE WITH VAT AMOUNT ,,,,,,,OTHER HAND YOU CAN NOT TAKE INPUT CREDIT BECAUSE YOU HAVE PURACHASE FROM U.R.D.
Yes Prem, Aditya has explained it correctly. Please share any more doubts if you must.
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