VAT (for CS Exec. & IPCC) 1. In what purchases input tax credit is not allowed under VAT? 2.

Tax credit or invoice method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability. Explain 3. Discussed the three approach under VAT system? 4. As a result of introduction of value added tax (VAT), the central sales tax will be phased out. Explain the statement? 5. Mr. X, a manufacturer sells goods to Mr. B, a distributor for Rs. 2,000 (excluding VAT). Mr. B sells goods to Mr. K, a wholesale dealer for Rs. 2,400. The wholesale dealer sell the goods to a retailer for Rs.3,000, who ultimately sells to the consumers for Rs.4,000. Compute the tax liability, input credit availed and tax payable by the manufacturer, distributor, wholesale dealer and retailer under invoice method assuming VAT rate @12.5%. VAT (for CS Exec. & IPCC) 1. In what purchases input tax credit is not allowed under VAT? 2. Tax credit or invoice method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability. Explain 3. Discussed the three approach under VAT system? 4. As a result of introduction of value added tax (VAT), the central sales tax will be phased out. Explain the statement? 5. Mr. X, a manufacturer sells goods to Mr. B, a distributor for Rs. 2,000 (excluding VAT). Mr. B sells goods to Mr. K, a wholesale dealer for Rs. 2,400. The wholesale dealer sell the goods to a retailer for Rs.3,000, who ultimately sells to the consumers for Rs.4,000. Compute the tax liability, input credit availed and tax payable by the manufacturer, distributor, wholesale dealer and retailer under invoice method assuming VAT rate @12.5%. VAT (for CS Exec. & IPCC) In what purchases input tax credit is not allowed under VAT? Tax credit or invoice method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability. Explain Discussed the three approach under VAT system? As a result of introduction of value added tax (VAT), the central sales tax will be phased out. Explain the statement? Mr. X, a manufacturer sells goods to Mr. B, a distributor for Rs. 2,000 (excluding VAT). Mr. B sells goods to Mr. K, a wholesale dealer for Rs. 2,400. The wholesale dealer sell the goods to a retailer for Rs.3,000, who ultimately sells to the consumers for Rs.4,000. Compute the tax liability, input credit availed and tax payable by the manufacturer, distributor, wholesale dealer and retailer under invoice method assuming VAT rate @12.5%. VAT (for CS Exec. & IPCC) In what purchases input tax credit is not allowed under VAT? Tax credit or invoice method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability. Explain Discussed the three approach under VAT system? As a result of introduction of value added tax (VAT), the central sales tax will be phased out. Explain the statement? Mr. X, a manufacturer sells goods to Mr. B, a distributor for Rs. 2,000 (excluding VAT). Mr. B sells goods to Mr. K, a wholesale dealer for Rs. 2,400. The wholesale dealer sell the goods to a retailer for Rs.3,000, who ultimately sells to the consumers for Rs.4,000. Compute the tax liability, input credit availed and tax payable by the manufacturer, distributor, wholesale dealer and retailer under invoice method assuming VAT rate @12.5%.

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