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


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 ?

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What is Vat Payable?

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


Purchase Semi Finished Goods

Particulars Amount
Purchase 40000
CGST 2.5% 1000
SGCT 2.5% 1000
Total 42000

Sales Finished Goods

Particulars Amount
SALES 120000
CGST 2.5% 3000
SGCT 2.5% 3000
Total 126000

What is GST Payable?

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.