STOCK DATA FOR VAT CREDIT - UP

2025 views 7 replies

CA. BIJENDER KR. BANSAL

ACA B.COM

8153 Points Posted on 23 January 2008

DEAR ALL,

AS YOU KNOW , VAT IS APPLICABLE IN UP SINCE 1ST JAN 2008. AS PER THIS ACT, ANY CONCERN CAN TAKE CREDIT OF VAT ON OPENING STOCK OF RAW MATERIAL LYING AS IT & RAW MATERIA USED IN FINISHED GOODS & SEMI FINISHED GOODS.

WE CAN PREPARE EASILY DATA FOR VAT CREDIT FOR RAW MATERIAL LYING AS IT. BUT WE ARE NOT ABLE TO CALCULATE RAW MATERIAL USED IN FINISHED GOODS & SEMI FINSIHED GOODS.

FOR A MANUFACTURER COMPANY , HOW WE COMPUTE VAT CREDIT DETAIL FOR MATERIAL USED IN FG & SFG.

PLEASE HELP ASAP.

THANKS & REGARDS

CA.B.K.BANSAL

Replies (7)

Guest

461180 Points Posted on 23 January 2008

Dear Sir, i am an individual, i want to do some small trading, i dont have a registered firm and the suppliers are also unregistred manufacturers. i expect a turnover of 20 lakhs plus per annum. i am planning to operate the business and money transaction using my savings account. how do i file my income tax returns and sales tax return.

Guest

461180 Points Posted on 25 January 2008

FOR OPENING STOCK FORMAT

Guest

461180 Points Posted on 25 January 2008

opening data format

Raman Popli

Chartered Accountant

52 Points Posted on 02 February 2008

I know its too late to respond as the last date was 30.1.2008. But still I m giving my views. You have to calculate the input output ratio. that I understand must have been well established. On the basis of I/O ratio you can calculate the quantum of raw material in your FG & SFG.

prasadarao

chartered Accountant

47 Points Posted on 08 February 2008

Dear sir VAT is applicable w.e.f from 1-1-2007 Not on 1-1-2008

Vijay K. Agrawal

Service

608 Points Posted on 13 February 2008

Dear Bansal, Not difficult to calculate.pl note that every finished goods is consist of RM etc. so you know how much i unit of FG consumes each Raw material( if there are no. of Raw material). if you are registered with central excise authority, you may have file input out put ratio. pl use proper ratio otherwise in long run it will affetc you.in case of clarification. pl mail to me at vijay.agrawal @ acccement.com