in a particular tax period, Mr Sunder Das, a shopkeeper purchased goods worth rs 960000 and paid a total tax of rs 62750 (under vat ). During this period, his sales consisted of taxable turnover of rs 400000 of goods taxable at 6% and rs 480000 for goods taxable at 12.5%. He also sold tax exempted goods worth rs 95640 in the same period. Calculate his tax liability (under vat ) for this period.
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Solution :-
Total cost of goods purchased = Rs. 960000
Total VAT paid = Rs. 62750
Value of goods sold taxable at 6 % = Rs. 400000
Total VAT @ 6 % on Rs. 400000 = (400000*6)/100
= Rs. 24000
Value of goods sold taxable at 12.5 % = Rs. 480000
Total VAT @ 12.5 % on Rs. 480000 = (480000*12.5)/100
= Rs. 60000
Total VAT = 24000 + 60000
= Rs. 84000
Total VAT already paid = Rs. 62750
Remaining tax liability (Under VAT) = Rs. 84000 - Rs. 62750
= Rs. 21250
So, his tax liability (Under VAT) for this period is Rs. 21250
Answer.
Total cost of goods purchased = Rs. 960000
Total VAT paid = Rs. 62750
Value of goods sold taxable at 6 % = Rs. 400000
Total VAT @ 6 % on Rs. 400000 = (400000*6)/100
= Rs. 24000
Value of goods sold taxable at 12.5 % = Rs. 480000
Total VAT @ 12.5 % on Rs. 480000 = (480000*12.5)/100
= Rs. 60000
Total VAT = 24000 + 60000
= Rs. 84000
Total VAT already paid = Rs. 62750
Remaining tax liability (Under VAT) = Rs. 84000 - Rs. 62750
= Rs. 21250
So, his tax liability (Under VAT) for this period is Rs. 21250
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