sales tax numerical b.com 2013 solved,solved numerical sales tax,b.com part 2 taxation past paper solution of sales tax numerical .

1. As per rates of 2016
Output Tax Rs. Rs. Rs.
Tax Tax
- Sales to Registered Persons @ 17% 750,000 127,500
-Sales to non Registered Persons(exclusive of S.T) @ 17% 756,303 W-3 128,571
-Sales to Associated Persons/staff at market price @ 17% 70,000 11,900
-Advance received against taxable supplies@17% 100,000 17,000
-
Total Taxable Supplies 1,676,303
Total Tax on Taxable Supplies 284,971
- Exports made @ 0% -
- Sales to a Company in EPZ @ 0% 80,000 -
- Exempt Supplies/donation etc. no tax 60,000 -
Total Sales 1,816,303
Total Output Tax 284,971
Input Tax
- Purchases from Registered Persons @ 17% 300,000 51,000
-Advance Against Purchase of Taxable Goods@17% 120,000 20,400
- Imports @ 17 % (other than Commercial Importer) 600,000 102,000
-Sales Tax Paid on Electricity Bills 15,500
-
Total Input Tax 1,020,000 188,900
Exempt purchases -
-Purchase of Fixed Assets @ 17% 500,000 85,000
W-1 -Apportioned Input Tax on Local Supplies a 174,340
90 % of out put tax b 256,474 174,340
(a and b whichever is lower shall be deducted from output tax)
Less: -Input Tax on Fixes Assets (w#2) 78,448
Sales Tax Liability 32,184
add: 2 % further tax on Sales to non Registered Persons 15,126
Sales Tax Payable 47,310
add: Withholding tax on purchases from regd. Persons xxxxx @17% *x @20% -
add: Withholding tax on purchases from non regd. Persons xxxxx x @1% -
Less: Withholding tax deducted on sales to withholding agent xxxxx x @1% -
Sales Tax Payable with Return 47,310
Refund Claim on Zero rated/Exports + fixed assets zero rated portion 12,064
Mr.Khurram (Registered Manufacturer)
CNIC……
National Tax No.
For the Month of January 2013
Calculation of Sales Tax Liability
Total Amount

2. Working#1
Apportionment of Input Tax
Total Local Supplies 1,676,303 1,676,303 x 174,340
1,816,303
Exempt Supplies 60,000 60,000 x 6,240
1,816,303
Zero Rated Supplies 80,000 80,000 x 8,320
(including Exports) 1,816,303
Total Sales 1,816,303
Working#2
Fixed Assets Apportionment
Total Local Supplies 1,676,303 1,676,303 x 78,448
1,816,303
Exempt Supplies 60,000 60,000 x 2,807.90
1,816,303
Zero Rated Supplies 80,000 80,000 x 3,743.87
(including Exports) 1,816,303
Total Sales 1,816,303
Working#3
Purchase exclusive of sales tax x 100 756,303
119
Notes
-
-
- Sales in Export Processing Zone is zero rated supply.
85,000
Less this
from output
Tax
85,000
Cannot be
Claimed(including samples & donation)
85,000
Refund
Claim
900,000 =
No input tax adjustment is allowed on water charges paid.
Sales Tax Paid on Electricity Bills of residential colonies is not allowed.
188,900
Refund
Claim
188,900
Less this
from output
Tax
188,900
Cannot be
Claimed(including samples & donation)