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VAT and all related question answers

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This Article focuses u on some of the basics instruction to VAT
http://www.onlyaboutfinance.com/2012/12/24/vat-value-added-tax/

Published in: Economy & Finance
  • up vat regarding quations
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  • I am a VAT registered dealer in Kerala. I make baby gift boxes containing Baby dress items and Baby cosmetics like baby soap, baby powder etc. Vat rate of dressi is 5% and others is 14.5%. I am not claiming input vat on cosmetics. I am selling these gift boxes at 5% VAT rate as I claim ipt only on dress items. Is there any violation of rule?
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  • Can I Raise A Invoice Behalf OF PO
    If I Take May Bill From Vender
    & I raise A Invoice On April
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  • Dear Jagjeet Ji,

    Our Pvt. Ltd. Company have our registered office in Rajasthan (Jaipur), we have some order for transportation in the state of Haryana (Gurgaon) & Uttar Pradesh (Noida), so we registered our self in sales tax dep’t. In Gurgaon & Noida, for conclude our orders we purchase 12 TM from state of Haryana ( Gurgaon ) from 12 TM, we use 8 TM in the state of Uttar Pradesh ( Noida ), for all receipts as Lease Rent we pay all VAT liability in the state of Haryana & Uttar Pradesh respectively. In 2010-11, we close our business and we submit our sales tax registration with application of closure in the dep’t. Of sales tax at Uttar Pradesh (Noida).
    Please let me know if we sell our ALL TM whether we are liable to pay vat tax liability in the state of Uttar Pradesh ( Noida )
    Hope you will show me the right way to conclude the same.
    Regards,

    Yogesh Gupta
    Chartered Accountant
    09351596927
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Dear Jagjeet Ji,

    Our Pvt. Ltd. Company have our registered office in Rajasthan (Jaipur), we have some order for transportation in the state of Haryana (Gurgaon) & Uttar Pradesh (Noida), so we registered our self in sales tax dep’t. In Gurgaon & Noida, for conclude our orders we purchase 12 TM from state of Haryana ( Gurgaon ) from 12 TM, we use 8 TM in the state of Uttar Pradesh ( Noida ), for all receipts as Lease Rent we pay all VAT liability in the state of Haryana & Uttar Pradesh respectively. In 2010-11, we close our business and we submit our sales tax registration with application of closure in the dep’t. Of sales tax at Uttar Pradesh (Noida).
    Please let me know if we sell our ALL TM whether we are liable to pay vat tax liability in the state of Uttar Pradesh ( Noida )
    Hope you will show me the right way to conclude the same.
    Regards,

    Yogesh Gupta
    Chartered Accountant
    09351596927
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
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VAT and all related question answers

  1. 1. VAT and all related Question Answers Read more: http://www.onlyaboutfinance.com/2012/1 2/24/vat-value-added-tax/
  2. 2. Value added tax- have you understood the term.Mostly we know the value added tax as VAT. It is almost like consumers tax collected by the VAT-registered traders on their distribution of goods and services to their customers. You can simply understand VAT as avalue added to the products and services, and basically a price difference between the amount paid by the customer and the price of the product. Read more: http://www.onlyaboutfinance.com/2012/1 2/24/vat-value-added-tax/
  3. 3. How much does one has to pay VAT According to the rules applied after 4th January 2011 onwards, the standard rare for VAT is 20%,while the reduced rate is 5% and zero rate equalsto 0%. Moreover, until it is specified mostly items are categorized under the standard rate. Read more: http://www.onlyaboutfinance.com/2012/1 2/24/vat-value-added-tax/
  4. 4. The processing of VAT tax VAT is charged on sales made between the seller and buyer. You simply VAT to the existing price of the product.It is charged by multiplying the cost of product tothe VAT rate percentage and then finally adding in the invoices. Read more: http://www.onlyaboutfinance.com/2012/1 2/24/vat-value-added-tax/
  5. 5. How to pay VAT tax At first you have to keep all the records of sales and purchase that you make. The VAT you are charging on any businessactivities or customers. When the customers buy services and goods from you, it is considered as the output tax.The VAT that you pay while buying the goods and services are known as the input tax. Read more: http://www.onlyaboutfinance.com/2012/1 2/24/vat-value-added-tax/

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