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Indirect Taxation

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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.