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Indirect Taxation

Indirect Taxation. Part I – Value Added Tax. Value Added Tax. A state tax Imposed through State legislature enactments An Indirect Tax on sale of goods Goods sold within the State Responsibility of the Seller to collect the tax and pay it to the State VAT Act does not apply to

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Indirect Taxation

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  1. Indirect Taxation

  2. Part I – Value Added Tax

  3. Value Added Tax • A state tax • Imposed through State legislature enactments • An Indirect Tax on sale of goods • Goods sold within the State • Responsibility of the Seller to collect the tax and pay it to the State • VAT Act does not apply to • inter-state sale • Export or import of goods

  4. 1: Identify whether VAT would be applicable in following transactions

  5. 1: Identify whether VAT would be applicable in following transactions

  6. 1: Identify whether VAT would be applicable in following transactions

  7. 1: Identify whether VAT would be applicable in following transactions

  8. 1: Identify whether VAT would be applicable in following transactions

  9. Registered Dealers • The Act taxes all sale transactions of ‘dealers’ within the State • The dealers whose turnover exceeds a turnover of Rs. 5 lakhs a year are required to register for application of VAT • Dealer broadly covers every one who is buying and selling goods in relation to business • Depending upon the turnover of the dealer, the taxes are deposited with the State either on • Monthly basis; or Quarterly basis: or Half Yearly basis.

  10. Period of filing VAT & VAT Return

  11. Output and Input tax • Output tax: • The tax liability of the Dealer for a period, month or quarter, is required to be calculated taking into account each sale and rate of taxation for that goods • Input tax: • The VAT paid by the Dealer on the purchases with adequate documentation supporting the payment of tax

  12. 2: Calculate Input Tax for the dealer based in Mumbai

  13. 2: Calculate Input Tax for the dealer based in Mumbai

  14. 2: Calculate Input Tax for the dealer based in Mumbai

  15. 2: Calculate Input Tax for the dealer based in Mumbai

  16. 2: Calculate Input Tax for the dealer based in Mumbai

  17. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  18. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  19. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  20. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  21. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  22. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  23. 3: Calculate VAT payable by Lloyds Machinery Manufacturers Ltd.

  24. 4: Calculate VAT payable by Quick fix Ltd.

  25. 4: Calculate VAT payable by Quick fix Ltd.

  26. 4: Calculate VAT payable by Quick fix Ltd.

  27. 4: Calculate VAT payable by Quick fix Ltd.

  28. 4: Calculate VAT payable by Quick fix Ltd.

  29. 4: Calculate VAT payable by Quick fix Ltd.

  30. 5: Calculate VAT payable by Excel Printers Ltd.

  31. 5: Calculate VAT payable by Excel Printers Ltd.

  32. 5: Calculate VAT payable by Excel Printers Ltd.

  33. 5: Calculate VAT payable by Excel Printers Ltd.

  34. 5: Calculate VAT payable by Excel Printers Ltd.

  35. 5: Calculate VAT payable by Excel Printers Ltd.

  36. 5: Calculate VAT payable by Excel Printers Ltd.

  37. 6: Calculate VAT payable by Design Creations

  38. 6: Calculate VAT payable by Design Creations

  39. 6: Calculate VAT payable by Design Creations

  40. 6: Calculate VAT payable by Design Creations

  41. 6: Calculate VAT payable by Design Creations

  42. 7: Calculate VAT payable by Clean Enviro Pvt. Ltd.

  43. 7: Calculate VAT payable by Clean Enviro Pvt. Ltd.

  44. 7: Calculate VAT payable by Clean Enviro Pvt. Ltd.

  45. 7: Calculate VAT payable by Clean Enviro Pvt. Ltd.

  46. 7: Calculate VAT payable by Clean Enviro Pvt. Ltd.

  47. Important Concepts –

  48. Variants of VAT with regards to credit for VAT paid on inputs– Most of the states in India follow the Consumption Variant

  49. 7: Calculate VAT payable by Health Works Ltd.

  50. 7: Calculate VAT payable by Health Works Ltd.

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