DOWNLOAD AND TRY
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?
View answer
| Particulars | Amount |
| Output Vat | 8000 |
| Less | |
| Input Vat | 5625 |
| Vat Payable | 2375 |
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?
View answer
| Particulars | Amount | Particulars | Amount | |
| Output Vat | 11000 | Output CST | 3600 | |
| Less | ||||
| Input Vat | 6375 | |||
| Vat Payable | 4625 | CST Payable | 3600 | |
| or | ||||
| Vat Credit | ||||
| Less | Less | |||
| Adjust with CST | Adjsut with Vat | |||
| Balance Vat Credit | Balance CST Payable |