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CASE STUDY
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Particulars |
Description & Conditions |
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Step 1
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Sales Turnover |
One may note
that there is no TAX i.e. VAT element involved in sales since
the dealer is not allowed to collect VAT separately from
customers
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| A |
VAT Liability |
(Above
X 15%) X 12.5% |
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EXAMPLE:
Features:
Second Hand Motor Vehicle had registered as a dealer on his own and had
opted for composite scheme.
He has fulfilled the following conditions for all his purchases:
1. The Entry Tax on the vehicle has been paid OR
2. The vehicle has been registered in State of Maharashtra at the time
of purchase
M/s CARMART gives the following
details:
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Particulars |
Amt. (Rs.) |
Schedule (VAT RATE) |
VAT shown separately? |
| 1. |
Sale
of Vehicles |
60,00,000 |
Schedule
E (12.5%) |
No |
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Total Sales |
60,00,000 |
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| 2. |
Purchase
of Vehicles |
40,00,000 |
Schedule
E (12.5%) |
Yes.
5,00,000 |
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Total Purchase |
40,00,000 |
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Click here for Solution
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