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DOWNLOAD AND TRY

Q1

A LTD
Purchase100000
Excise 12.5%12500
Total112500
Vat 5% (of Total)5625
Grand Total118125
X LTD
Sale160000
vat 5%8000
 168000

What is Vat Payable?

-a-

ParticularsAmount
Output Vat8000
Less 
Input Vat5625
Vat Payable2375

-ea-

 

 

Excise on Purchases

Excise is a duty charged on Manufacturing

If we purchase goods from a Manufacturer (Factory),they charge both excise and vat

However,input is available only of vat  and not of excise

For Vat Dealers,purchase amount is amount including excise i.e Rs 112500

 

Q2

A LTD B LTD C LTD
Purchase60000 Purchase60000 Purchase45000
Excise 12.5%7500 vat 5%3000 CST 2%900
Total67500  63000  45900
Vat 5% (of Total)3375      
Grand Total70875      
X LTD X LTD
Sale220000 Sale180000
vat 5%11000 CST 2%3600
 231000  183600

What is Vat /CST Payable?

-a-

ParticularsAmount ParticularsAmount
Output Vat11000 Output CST3600
Less    
Input Vat6375   
Vat Payable4625 CST Payable3600
or    
Vat Credit    
Less  Less 
Adjust with CST  Adjsut with Vat 
Balance Vat Credit  Balance CST Payable 

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com.
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