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Question
In a particular tax period, Mr. Sunder Dass, a shopkeeper purchased goods worth ₹ 960000 and paid a total tax of ₹ 62750 (under VAT). During this period, his sales consisted of a taxable turnover of ₹ 400000 of goods taxable at 6% and ₹ 480000 for goods taxable at 12.5%. He also sold tax exempted goods worth ₹ 95640 in the same period. Calculate his tax liability (under VAT) for this period.
Solution
The cost price of good purchased by Sunder Dass= ₹960000
Tax paid (VAT) = ₹62750
Sale of goods worth = ₹400000
Rate of VAT = 6%
∴ Total VAT
= `400000 xx (6)/(100)`
= ₹24000
Sale of goods worth 480000
Rate of VAT = 12.5%
= `(25)/(2)%`
VAT paid
= `₹480000 xx (25)/(2 xx 100)`
= ₹60000
Sale of goods worth ₹95640
Tax exempted
Total VAT
= ₹24000 + ₹60000
= ₹84000
Tax paid to Govt. (VAT)
= ₹62750
Tax liability
= ₹84000 – ₹ 62750
= ₹21250.
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