hello friends..
i just want to know that if a person sells locallly and in invoice bills,
1) if he forgeted to show VAT Tax seprately
or
2) if he not charged VAT on bills
then what the penalties & interest will be levied to assessee
hello friends..
i just want to know that if a person sells locallly and in invoice bills,
1) if he forgeted to show VAT Tax seprately
or
2) if he not charged VAT on bills
then what the penalties & interest will be levied to assessee
Dear Gaurav,
The total sales price shall be deemed of inclusive of VAT .
e.g. Total Sales Rs.100 (VAT @ 12.5% is not shown separately)
Then Assessable Value = 100/1.125 = Rs.88.8889
VAT = 100/(1+T)*T = Rs.11.1111
The penalty and interest for non payment of VAT will be same as if the VAT has been charged separately and not paid to the Govt.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
