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Q1

A LTD
Purchase 100000
Excise 12.5% 12500
Total 112500
Vat 5% (of Total) 5625
Grand Total 118125
X LTD
Sale 160000
vat 5% 8000
  168000

What is Vat Payable?

-a-

Particulars Amount
Output Vat 8000
Less  
Input Vat 5625
Vat Payable 2375

-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
Purchase 60000   Purchase 60000   Purchase 45000
Excise 12.5% 7500   vat 5% 3000   CST 2% 900
Total 67500     63000     45900
Vat 5% (of Total) 3375            
Grand Total 70875            
X LTD   X LTD
Sale 220000   Sale 180000
vat 5% 11000   CST 2% 3600
  231000     183600

What is Vat /CST Payable?

-a-

Particulars Amount   Particulars Amount
Output Vat 11000   Output CST 3600
Less        
Input Vat 6375      
Vat Payable 4625   CST Payable 3600
or        
Vat Credit        
Less     Less  
Adjust with CST     Adjsut with Vat  
Balance Vat Credit     Balance CST Payable  
  1. Tax Practical
  2. Practical VAT CST
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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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