I am purchasing locally and selling in cst at under cost and diff is paid by my supplier. now issue can be explained with reference to an example.. say my basic cost is 100+6%VAT=106. now i m selling the same at 90+2%CST=1.80. my fixed margin is 6% on our cost . Here our basic SP is 90. Hence the cost for same would be 90/106*100(margin)=84.91. so amt of claim from company would be - loss suffered + margin i.e 1.Loss=(100-90)=10 and margin =(90-84.91)=5.09.. So total receivable from supplier=15.91. Now my supplier is saying that they will deduct the portion of input vat which i have recd and has not been utilised. They are giving me a claim of Rs.15.91-6=9.91. I am in doubt that 6rs deducted in my claim will be loss to me. Please help me with what shud be the amt of claim such that i shud not suffer the said loss.
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Vat & cst
Replies (2)
INPUT VAT 6% is not the part of your COST if purchased on TAX INVOICE, you need to claim Input VAT i.e. Rs 6/- from the VAT Department.
but the same input vat has been utilised in other sales. So the input vat is deducted by the supplier in this claim. would it be correct??
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