Q.1 Mr rich mega mall dealer in electronics,gave gifts on new year sale.
he gave 100 pieces of mixers which costs rs 1000 each with VAT rs 125 each
for dec input tax credit (including gifts) on purchases equals to 3 lakh & output tax collected on sales rs 4 lakh. the net VAT liability of dealer ?/??
Q.2 purohit traders purchased raw materials from outside the state & paid CST rs40000.Its output credit on VAT due to sales within state amounts to rs 240000. its input VAT credit on intra state purchases amounts to rs 160000
net vat liability?
CAclubindia
