TNVAT Return

Net sales value ( excluding vat) * rate of vat = Net vat charged

less

Vat paid on purchase 

= Net vat payable ( challan paid to bank )

Thank U Mr.Sharma

Can u Explain the VAT Payable if

Receipt 10,00000/-

Less IT 20000

LeSS WCT 20000

Net Received 960,000/-

Purchase 5,00,000/- Vat Paid 62,500/-

Pls explain?

If your purchase 5,00,000  and its under 12.5% rate of tax then (asume the GP 10%) then you total consumption is

5,00,000 add gp 10% then the total sale become 5,50,000 then tax on taxable turnover is (5,50,000 * 12.5%) is 68750

Tax payable is .......68750

less ITC                  62500

less wct                  20000

then next liability is  (-13750)

Thank u Nice answer Nizzu