Beruflich Dokumente
Kultur Dokumente
50,000
Total input tax credit available (A): 1,75,000
Output VAT payable on:
Sale of taxable goods within State [(65,00,000 4)/104] 2,50,000
Sale of exempted goods within State [See Note below] Nil
Total output VAT payable (B) 2,50,000
Net VAT payable (B) (A) 75,000
Note: Since these goods were manufactured from the inter-State purchases of raw
materials (non-vattable inputs), input tax credit is not affected.
23 The statement is valid. Return filing procedures under VAT laws are designed with the
objective of:
(i) reducing the compliance costs incurred by the businesses in completing and filing
their returns; and
(ii) encouraging businesses to comply with their obligations to file returns and pay VAT
through the application of penalties in case of late payment of VAT and late filling of
returns; and
(iii) ensuring the efficient processing of the data included in the returns.
The Institute of Chartered Accountants of India