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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 ?

View Answer

What is Vat Payable?

View Answer

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?

View Answer
  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 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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