You are here
First we adjust Output and Input Vat
If there is Vat Credit,then it can be utlized against CST Payable
Case 6
PURCHASES
| B LTD | C LTD | |||
| Purchase | 80000 | Purchase | 50000 | |
| Vat 12.5% | 10000 | Cst 2% | 1000 | |
| 90000 | 51000 | |||
SALES
| Y LTD | Z LTD | |||
| Sale | 60000 | Sale | 120000 | |
| Vat 12.5% | 7500 | Cst 2% | 2400 | |
| 67500 | 122400 | |||
What is vat and cst payable?
View Answer
| Vat Computation | CST Computation | |||
| Output Vat | 7500 | Output CST | 2400 | |
| Input Vat | 10000 | |||
| Vat Payable | 0 | CST Payable | 2400 | |
| or | ||||
| Vat Credit | 2500 | |||
| Less | Less | |||
| Adjust against Cst | 2400 | Adjust againstVat Credit | 2400 | |
| Balance Vat Credit | 100 | Balance CST Payble | 0 |
Case 7
| A LTD | B LTD | C LTD | |||||
| Purchase | 40000 | Purchase | 80000 | Purchase | 50000 | ||
| Vat 5% | 2000 | Vat 12.5% | 10000 | Cst 2% | 1000 | ||
| 42000 | 90000 | 51000 | |||||
| XLTD | Y LTD | Z LTD | |||||
| Sale | 60000 | Sale | 60000 | Sale | 200000 | ||
| vat 5% | 3000 | Vat 12.5% | 7500 | Cst 2% | 4000 | ||
| 63000 | 67500 | 204000 | |||||
What is vat and cst payable?
-a-
| Vat Computation | CST Computation | |||
| Output Vat | 10500 | Output CST | 4000 | |
| Input Vat | 12000 | |||
| Vat Payable | 0 | CST Payable | 4000 | |
| or | ||||
| Vat Credit | 1500 | |||
| Less | Less | |||
| Adjust against Cst | 1500 | Adjust against Vat Credit | 1500 | |
| Balance Vat Credit | 0 | Balance CST Payble | 2500 |
