I want a calculation please help me.
I purchase a material for 200+VAT(5%) from local market and sell it locally for 250+VAT(5%). What amount I will deposite for VAT?
Thanks
deepak
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Vat calculation on local purchase
Replies (2)
2.5 will be the amount you will deposit for vat . As on sales the vat is 12.5 and on purchase the vat is 10, hence difference of 12.5-10=2.5 rs
Net VAT payable =Output vat collected-input vat paid,
Hence,
Vat payable amt=(250*5%)-(200*5%)=2.5
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