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?
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Replies (5)
Q.1.
Input tax include gift (mixers) Rs. 287,500 + 12,500 = 300,000/-
Output Tax Rs. 400,000/-
VAT Liability Rs. 400,000 - 287,500 = Rs. 112,500/-
(No INPUT Available for the Mixer) So, Tax liability Rs. 112,500/-
Q 2.
No INPUT tax available for Inter State Purchases. So,
You calculate the tax liability for the local sales & purchases...
options for this que are
a. 40000
b. 80000
c. 160000
d. 240000
a. 40000
b. 80000
c. 160000
d. 240000
i.e. que 2
| Originally posted by : Kajal Khetwani | ||
 |
its input VAT credit on intra state purchases amounts to rs 160000net vat liability? |  |
If you calculate Local Purchase Tax + Inter State Purchase tax = Rs. 160,000/-. Less the Inter State Tax Rs. 160,000 - Rs.40,000 = Rs. 120,000/- (input tax value)
After, You calculate Output - Input = VAT Liability.
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