VAT CST ADJUSTMENT

[Sajid Ahmed]

Please solve this, how much tax to be payable:

Purchase from URD for Rs.5,00,000

Purchase from RD   for Rs.1,00,000

Sales against C Form for Rs.10,00,000

Sales VAT 14.5 percent        for Rs.1,00,000

Exempted Sales        for Rs.50,000

Please guide how to calculate ITC and tax payable.
 

AI Summary

Understanding Tax Payable and ITC: Exempted Sales, C Form, VAT Sales, and Impact of URD/RD Purchases A user inquired about calculating tax payable and input tax credit (ITC) for various transactions, including purchases from unregistered dealers (URD) and registered dealers (RD), sales against C Form, VAT sales, and exempted sales. A respondent advised that tax is payable on the exempted sales amount of Rs. 50,000. ITC can be claimed on purchases from RD if the URD purchases are used in manufacturing goods sold with VAT/CST.