how to calculate vat liability under works contract under delhi vat
The Form VAT C4 is a form used a certificate issued by a selling VAT dealer to a purchasing VAT dealer. It lists the items that were sold, tax invoice number, date, taxable amount, and amount of tax.
The Form VAT C4 is a form used a certificate issued by a selling VAT dealer to a purchasing VAT dealer. It lists the items that were sold, tax invoice number, date, taxable amount, and amount of tax.
VAT is a value added tax that taxable persons are obliged to register where their annual forecasted turnover surpasses or will probably exceed a particular threshold.
12.5%
i think.... below 100/- non taxable.... and above 100/- 14.5% tax in karnataka state
Computer A/C Dr.150000 VAT Input19500 To Global Digitronix 169500(Being Computer purchase from Global Digitronix on credit)169500169500
Not all limited companies are required to pay VAT. In the UK, for example, a limited company must register for VAT only if its taxable turnover exceeds the VAT registration threshold, which is currently £85,000. Companies below this threshold can choose to register voluntarily. Additionally, certain goods and services may be exempt from VAT, affecting a company's obligation to charge it.
Building societies are generally not registered for VAT purposes because they primarily engage in activities exempt from VAT, such as providing financial services. However, they may be required to register for VAT if they undertake taxable activities, such as selling goods or services that are not exempt. It's essential for each building society to evaluate its specific activities and consult with tax professionals to determine its VAT obligations.
The VAT may be charged on the Annual Maintenance Contracts. VAT goes under the Comprehensive section of the contract and will be an agreed upon percentage.
The purpose of Sage software in the UK is to manage business finances and VAT for big businesses, small businesses, accountants, software developers, or personal use.
Value Added Tax (VAT) is government applied tax on taxable supplies at different rates most of which is 15% in UK, while lower rate 5% and zero-rate are used as well. Let's say there is a company A,which manufactures cars and sells it to the distributors.Now the company A will charge VAT to distributor and include on the invoice. Now A has simply collected the VAT on behalf of government and has the liability to pay the VAT collected back to government. While the distributor can claim that paid VAT back from the government if the distributor is VAT registered.so by this point, government has actually received nothing,as it returned to the distributor whatever it received from the company A. Now, when the distributor sells the car to end-user, distributor charges VAT to that end-user and collects the VAT again on behalf of government, and pays the VAT collected to the government.As the end-user cannot be VAT registered, so he cannot claim the VAT paid from the government, so the government has now actually received the VAT inflow.