Query in annexure v (tnvat)

As per G.O Notification dated-31.10.2013 (G.O.(MS).No.137 of TNVAT Rules 2007- Amendment to Form-I 

How to fill Closing Stock Value in Annexure-V for following Calculation ?

Purchase of Consumable items (Super Market) of Rs.1000/- (Qty-100 Nos) + Input VAT @ 5% . 

Sale of 50 Qty @ Rs.12/- = 600/- + Output VAT @ 5%

Closing Stock - 50 Nos

Excess Input VAT Carried Fwd to next month of Rs.20/-

What will be the Closing Stock Value for this Input ?

 

 

Replies (4)

Hi any body tell me about the filling of Annexture V in Form I. How to calculate closing stock?

calculate from ITC carry forward or actual closing stock? which detail is required to be given ?

Hi ,

Nobody knows about the Vat Form V properly.

any sales tax people advice me.

Thanks

S.Balaji

 

 

Hi, Mr. Muthulan,

Closing stock Value Rs. 400/- @ 5% -  Excess  VAT c/f Rs. 20/-

 

The value of closing stock shall be :50 x 10= Rs.500/- minus input vat ie.Rs.500 x5/100=Rs.25/-. hence closing stock shall be Rs.475/-

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