GB Co. furnishes the following information : Raw material purchased ₹10,00,000 plus VAT @ 4% Manufacturing expenses (non-capital nature) ₹4,00,000. Sales price ₹16,00,000 plus VAT @ 4% Purchased plant and machinery of ₹5
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2014
GB Co. furnishes the following information : Raw material purchased ₹10,00,000 plus VAT @ 4% Manufacturing expenses (non-capital nature) ₹4,00,000. Sales price ₹16,00,000 plus VAT @ 4% Purchased plant and machinery of ₹5,00,000 plus VAT @ 4% which are eligible for full input tax credit in the year of acquisition itself. Compute VAT liability under — Gross Product Variant Method Consumption Variant Method.
Topics: Value Added Tax (VAT) / Indirect Tax
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