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Suppose a Factory Purchases Semi Finished Goods and Manufacturers and sells Finished Goods
In this case,currently on both purchase and sales,excise as well as Vat is applicable

Factory has to file Vat and Excise Returns as shown below

Q1

Purchase Semi Finished Goods

Particulars Amount
Purchase 40000
Excise 12.5% 5000
Total 45000
Vat 5% 2250
Total 47250

Sales  Finished Goods

Particulars Amount
Sales 120000
Excise 15000
Total 135000
Vat 5% 6750
Total 141750

What is Excise Duty Payable ?

-a-

Particulars Amount
Output Excise 15000
Less  
Input Cenvat 5000
Excise Duty Payable 10000

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What is Vat Payable?

-a-

Particulars Amount
Output Vat 6750
Less  
Input Vat 5000
Vat Payable 1750

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Note:-

After Implementation of GST, on both Purchase and Sales,Central and State GST will be applicable

Example

Purchase Semi Finished Goods

Particulars Amount
Purchase 40000
CGST 12.5% 5000
SGCT 5% 2000
Total 47000

Sales Finished Goods

Particulars Amount
SALES 120000
CGST 12.5% 15000
SGCT 5% 6000
Total 141000

What is GST Payable?

-a-

PARTICULARS CENTRAL GST STATE GST TOTAL GST
OUTPUT GST 15000 6000 21000
LESS      
INPUT GST 5000 2000 7000
GST PAYABLE 10000 4000 14000

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  1. GST - Goods and Services Tax, India
  2. GST Impact
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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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