Friends,
What do you mean by Purchase tax and how it is calculated, entered in accounts?
Thanks.
Menu
Purchase tax
Replies (1)
Purchase tax is nothing but the tax which the creditor pays to its supplier for teh amount of VAT charged in the Invoice. For e.g if the supplier has raised an invoice of say Rs 10000 & VAt on it is say 4% then it comes to 400. so in this case Rs 400 is the purchase tax paid on the invoice amount of Rs 10000.
Recent Topics :
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
Related Topics :
CAclubindia
