What would be the MVAT liabilities

Mahavat 537 views 2 replies
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Audit Assistant
44 Points Joined March 2013
Contactor covered under work contract service, have done below contracts could you please confirm his VAT liabilities according to MAVT Act
         
Purchase 12.5% 50000000      
Input VAT  12.5% 6250000      
Purchase 5% 10000000      
Input VAT 5% 500000      
Labour Purchase 10000000    Payment made to Sub-Contractors    
Gross Purchase 76750000      
         
Sales 12.5% 30000000    Only Material Supply to Builder
Output VAT 12.5% 3750000      
Sales 5% 60000000    Labour with material sales to builder
Output VAT 5% 3000000      
Labour Sales 30000000    Only Labour Supply to builder
Gross Sales 126750000      
         
What would be the VAT Liabilitis accourding to MVAT Act.   

 

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On 02 October 2013 at 19:05 Report
Replies (2)
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ACCT(Retd)
7197 Points Joined July 2010

   Your statement of sales and purchases are a bit misleading.Does the gross purchase include lablour also?.Individual purchases are less than the gross amount.What is the difference about?Similarly,three different sales make up to Rs12 crore,but, the gross sale is more than the total.What type of contract is made ?Is it of composite contract or material supply and labour contract done seperately?.All these points are to clarified properly to arrive at correct liability........mjk

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On 04 October 2013 at 18:40
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Accountant
107 Points Joined September 2012

Thank you very much sir for your reply,

Material and Labour supplied separately and some sales material and labour inclusive.

 

regards

 

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On 07 October 2013 at 10:35


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