QUERY :If I sell a product to the ultimate consumer(unregistered) & collect sales tax on the sales & I bought the goods from a registered dealer by paying the sales tax on the bought goods. Will I get the set-off of the tax I paid on purchases ???
Ashish Porwal (Assistant Manager - Audit & Assurance) (77 Points)
14 June 2012QUERY :If I sell a product to the ultimate consumer(unregistered) & collect sales tax on the sales & I bought the goods from a registered dealer by paying the sales tax on the bought goods. Will I get the set-off of the tax I paid on purchases ???
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 14 June 2012
Set-off cannot be availed only if the goods are purchased from a UR dealer. If the sales are being made to a UR dealer, then set-off can be availed if purchase is made from a regd dealer.
maharaja07
(Assistant Manager)
(23 Points)
Replied 14 June 2012
Actually Punjab VAT Payment due date will be 20th May (Sunday) but I have made payment on 21st of May but demand draft date is 17th May 2012. Is there any provision, if it is holiday, payment will be deposited by next working day. If it is,pls let me know
M Purushothaman
(Manager Finanance)
(22 Points)
Replied 14 June 2012
We are hiring the computer in across location, wheather VAT is applicable for hiring. Please advise the same ASAP
| Originally posted by : M Purushothaman | ||
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We are hiring the computer in across location, wheather VAT is applicable for hiring. Please advise the same ASAP |
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explain the situation this is lacking the proper situation ....
RAGHAVENDRA
(MANAGER)
(21 Points)
Replied 14 June 2012
in up vat return if our gross sales is 2000 and tax @ 4%80 @ 1%20 total out put tax is 100 and in the same month sales return as made of amout 1000 @ 4%40 @ 1%10 total out is 50 and our vat payment is 50 after deducting the sales return this is the processor to file the return
M Purushothaman
(Manager Finanance)
(22 Points)
Replied 14 June 2012
VAT is applicable for System hiring
maharaja07
(Assistant Manager)
(23 Points)
Replied 14 June 2012
Actually Punjab VAT Payment due date will be 20th May (Sunday) but I have made payment on 21st of May but demand draft date is 17th May 2012. Is there any provision, if it is holiday, payment will be deposited by next working day. If it is,pls let me know
chandra
(student)
(528 Points)
Replied 14 June 2012
Set off of Sales tax on purchases is available if it is VAT.
If you are hiring computer Service Tax will be charged and not VAT.
CA. S.L.Sharma
(AO)
(46 Points)
Replied 15 June 2012
Dear Ashish,
Its not matter to whom you are selling goods and collecting VAT. VAT set off is available if you have paid VAT to a registered dealer.
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 15 June 2012
set off facilities can't be availed
K.Rajesh
(ACCOUNTS MANAGER)
(34 Points)
Replied 15 June 2012
sir, wich amount we have to collect the c form form the customer either assessable value or gross value?
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 16 June 2012
Set off of Sales tax on purchases is available...
sonam patil
(cs Executive)
(98 Points)
Replied 16 June 2012
Hello sir,
When I incorporating a New Co. of Insurance Related activity what names to be suggested for them. Any regulations 17 of companies act 1956,for Form a New Co.
Suppose my co. name is xyz insurance power pvt. ltd in this case made some alternation or the name is perfect for flling Form 1A.
Please give me details for Forming a New insurance co. Names Guidlines. on my mail id - patil.sonam09 @ gmail.com
Sonam
CAclubindia
