Different types of Purchase and Sales

 

LIST OF PURCHASES

PARTY NAME TYPE OF TAX RATE AMT TAX TOTAL
E CST 2% 500 10 510
J CST 5% 1000 50 1050
TOTAL CST Purchases 1500 60 1560
C VAT 0% 100 0 100
D VAT 5% 2000 100 2100
F VAT 5% 400 20 420
G VAT 12.50% 800 100 900
H VAT 5% 600 30 630
I VAT 12.50% 400 50 450
TOTAL Local Purchases 4300 300 4600

 

LIST OF SALES

PARTY NAME TYPE OF TAX RATE AMT TAX TOTAL
K CST 5% 600 30 630
L CST 2% 1000 20 1020
N CST 12.50% 1200 150 1350
Q CST 5% 400 20 420
S CST 0% 100 0 100
TOTAL CST Sales 3300 220  3520
M VAT 5% 1200 60 1260
O VAT 0% 600 0 600
P VAT 12.50% 1600 200 1800
R VAT 0% 900 0 900
CASH VAT 5% 400 20 420
TOTAL VAT Sales 4700 280 4980

Suppose there is opening vat credit of 50

What is Vat/Cst Payable?

 

-a-

Vat Computation Amt   CST Computation Amt
Output Vat 280   Output CST 220
Input Vat 300      
Vat Payable 0   CST Payable 220
or        
Vat Credit 20      
Add     Less  
Operning vat credit 50   Adjust against Cst 70
total vat credit 70   Balance CST Payble 150
Less        
Adjust against Cst 70      
Balance Vat Credit 0      

-ea- 

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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 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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