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VAT Calculation
how calculate vat? computation of vat? procedure of vat in return filling? tentative date of vat return filling? also TDS. which form required?



  
Total Answers and Comments: 1 Last Update: May 23, 2009     Asked by: sujata.naik11 
  
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May 21, 2009 10:30:20   #1  
c7831887 Member Since: May 2009   Contribution: 8    

RE: VAT Calculation
How to caluclate VAT?

Basic price of selling product (Landed cost of purchased goods + Manufacturing cost & other costs + Margin Basic price)Add: Excise duty (if applicable & rate of duty will differ for each & every commodity))Add both these amounts and on this the VAT will be levied will differ each & every commodity)Eg.: If 1kg of Plastic raw material's landed cost is Rs.50/- and convertion cost to plastic container is Rs20/- (Electricity Wages Administrative expenses & Margin is Rs.14/-)The Basic price of 1 Kg Plastic container is Rs.84/-Excise duty on Basic (Rs.84/-) @ 16 Rs.13.44VAT @ 8 on (Basic Rs.84+ Excise 13.44) Rs.97.44 Rs.7.795 Say Rs.7.80/- Accounting of VAT If 1 Kg of Plastic raw material purchased @ Rs.50/- which includes VAT @ 3 Rs.1.50You can take credit of the VAT input (as in Excise duty): The accounting entry would be:
Purchase A/c (Raw materials) Dr48.50
VAT payable A/c Dr.1.50(Contra-1)
To Supplier's A/c 50.00
(Being the raw materials purchased acctd)
After sales when we make payment to Govt the entry would be
Party's A/c Dr.105.24
To Basic sales of containers 84
To Excise duty payable A/c 13.44
To VAT payable A/c 7.8(Contra-2)
VAT payable A/c Dr.7.8 (Contra-2)
To VAT payable A/c Dr. 1.5(Contra-1)
To Bank A/c 6.3
(Being the VAT payable adjusted and difference paid to Dept.)
Filing return of VAT As per Form
Credit availed on inputsVAT PayableDifference paid to Govt.
(Purchases)(Sales)
(A)(B)( C (B - A) )
Rs.1.50Rs.7.80Rs.6.30
I don’t know the tentative date of filing VAT in other States of India. But in Tamilnadu before 20th of every month.

 
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how calculate vat? computation of vat? procedure of vat in return filling? tentative date of vat return filling? also TDS. which form required? 
Latest Answer : How to caluclate VAT?Basic price of selling product (Landed cost of purchased goods + Manufacturing cost & other costs + Margin = Basic price)Add: Excise duty (if applicable & rate of duty will differ for each & every commodity))Add both these ...


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