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Q1

A LTD
Purchase 100000
Excise 12.5% 12500
Total 112500
Vat 5% (of Total) 5625
Grand Total 118125
X LTD
Sale 160000
vat 5% 8000
  168000

What is Vat Payable?

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Excise on Purchases

Excise is a duty charged on Manufacturing

If we purchase goods from a Manufacturer (Factory),they charge both excise and vat

However,input is available only of vat  and not of excise

For Vat Dealers,purchase amount is amount including excise i.e Rs 112500

 

Q2

A LTD   B LTD   C LTD
Purchase 60000   Purchase 60000   Purchase 45000
Excise 12.5% 7500   vat 5% 3000   CST 2% 900
Total 67500     63000     45900
Vat 5% (of Total) 3375            
Grand Total 70875            
X LTD   X LTD
Sale 220000   Sale 180000
vat 5% 11000   CST 2% 3600
  231000     183600

What is Vat /CST Payable?

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.