Dear Friends,
here is the case in case of Tamilnadu VAT:
the client has sold a new item for Rs.20,000/-
IN EXCHANGE of an old item sold earlier valued at Rs.5,000/-
and cash payment of blance Rs.15,000/-.
Now my question is they have to collect VAT on Rs.15,000/- or Rs. 20,000/-?
please help ..thanks and regards.
Rupesh
Vat should be calculated on Sale amount so u hve to collect vat on 20000/-
how the party makes payment have no relation with sale value(old value+cash payment)
ADY & CO.
New Delhi
Graduate (Any)
View Details
Abic and Mani Chartered Accountants
Kottayam
B.Com
View Details
CCI
Pro
CAclubindia
