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Vat doubt very urgent

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student
63 Points Posted on 03 May 2014

Pls can anyone specify  about different methods of subtraction method calucaltion ?

My biggest doubt is about indirect subtraction and intermediate subtraction method. 

Pls specify with examples.... thanks everyone in advance....

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On 03 May 2014 at 21:17 Report
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business consultant
288 Points Posted on 03 May 2014
Subtraction method: value added = sales -purchase This mmethod is generally followed when tax is not charged separately in the invoice. Vat liability =(rate of vat/100+ rate of vat )*taxable turnover
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On 03 May 2014 at 23:01
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business consultant
288 Points Posted on 03 May 2014
Kinds of subtraction methods: 1. Direct: value added = aggregate value of sales exclusive of tax - aggregate value of purchases excl. Of tax
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On 03 May 2014 at 23:04
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business consultant
288 Points Posted on 03 May 2014
2.Intermediate: value added: sales - aggregate value of purchases inclusive of tax
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On 03 May 2014 at 23:05
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business consultant
288 Points Posted on 03 May 2014
3. Indirect: value added= aggregate sales- aggregate purchases both inclusive of tax.
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On 03 May 2014 at 23:06


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