mvat computation 2014-2015
TRANSCRIPT
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BASIC CONCEPTS OF VAT
WHAT IS VAT?Value Added Tax (VAT) is a modern and progressive form of sales tax. It is charged and collected
by dealers on the price paid by the customer. VAT paid by dealers on their purchases is usually
available for set-off against the VAT collected on sales. VAT in the form of CENVAT (Excise) isalready in force in India for quite some time.
IS VAT YET ANOTHER TAX?
No; it will replace the following four existing taxes: The Bombay Sales Tax Act, 1959 The Maharashtra Sales Tax on the Transfer of Right to Use Any Goods For Any Purpose Act,
1985 The Maharashtra Sales Tax on the Transfer of Property in Goods Involved in the Execution of
Works Contract (re-enacted) Act, 1989
The Bombay Sales of Motor Spirit Taxation Act, 1958.
WHAT ARE THE BENEFITS OF VAT?
It is simple, transparent and progressive Business friendly system of taxation Reduction in the number of tax rates to only two main rates 5% and 12.5% Reduction in the effective tax rate for many goods Elimination of tax on tax existing in the sales tax system Full set-off available for VAT paid on most business purchases Simplification of tax forms and procedures
Greater reliance on self assessment and voluntary compliance by dealers.
WHAT TYPES OF BUSINESSES ARE LIABLE FOR VAT?
VAT applies to all types of business including Importers, Manufactures, Distributors,Wholesalers, Retailers, Works Contractors, and Lessors.
HOW IS VAT CHARGED?All registered dealers, regardless of where they are in the chain of manufacture and production
must charge VAT on their sales of taxable goods and collect it from their customers. Registered
dealers must issue a tax invoice to other registered dealers showing the VAT amount being chargedas a separate amount.Registered dealers who pay VAT on their purchases can normally claim a set-off for the
VAT paid to their suppliers. As a result, VAT is not a cost to the dealers. Dealers must ensure thattax is charged separately in their purchases invoice in order to be eligible to claim set-off.Certain dealers who sell mainly to consumers at retail level can opt for a simplified system of VATcalculation and payment under a Composition scheme. Under the Composition Scheme, dealers will notissue a tax invoice or show VAT as a separate amount on a bill or cash memorandum.
WHAT ARE THE OBLIGATIONS OF DEALERS REGISTERD FOR VAT?
Dealers who are required to be registered for VAT must: Charge and collect VAT on their sales of taxable goods Issue proper tax invoices Keep proper records and books of account Calculate the VAT due to Government based on VAT charged on sales LESS any VAT available as a
set-off on business purchases File VAT returns on a regular basis declaring their VAT liability Pay the amount of VAT due to the Government with the VAT return.
WHAT IS THE RATE OF VAT?
Under the VAT, the tax rates have been simplified. There are only two main rates of VAT; 5% for items consisting mainly of raw materials used in the manufacturing process, IT products
and some goods of common consumption. 12.5% for all goods unless they are listed under the other rates.
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Foodgrains in including pulses, milk, vegetables and books are not subject to VAT. In addition,there are two other rates for specific items:
1% for gold, silver, other precious and semi precious stones and their jewellery 25% for liquor
The only exception to these rates is for the sale of motor spirits, which have special tax ratesbased on the existing Bombay Sales of Motor Spirit Taxation Act, 1958, subject to a floor rate of20%.
WHAT IS SET-OFF/INPUT TAX CREDITThe essence of VAT is in providing set-off for the tax paid earlier, and this is given effect
through the concept of input tax credit/rebate. This input tax credit means setting off the amountof input tax by a registered dealer against the amount of his output tax. The Value Added Tax (VAT)is based on the value addition to the goods, and the related VAT liability of the dealer is calculatedby deducting input tax credit from tax collected on sales during the payment period (say, a month).
VAT CHAIN
Raw Material Sale Price Rs. 1,000 ManufacturerProducer VAT Rs. 100
Sales Price Rs.1,500
Total VAT Rs. 150
VAT Payable
150-100 = Rs. 50
Wholesaler
Sales Price Rs. 1,800
Total VAT Rs. 180
VAT Payable
180-150 = Rs. 30
Sales Price Rs. 2,000
Consumer Total VAT Rs. 200 Retailer
VAT Payable
200-180 = Rs. 20
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DEFINATIONS1.BUSINESSIn this Act, unless the context otherwise requires,-
Business includes,-
(a) any service;(b) any trade, commerce or manufacture;
(c) any adventure or concern in the nature of service, trade, commerce or manufacture;
Whether or not the engagement in such service, trade, commerce, manufacture, adventure or concern
is with a motive to make gain or profit and whether or not any gain or profit accrues from such
service, trade, commerce, manufacture, adventure or concern.
BUSINESS
2.
DEALERIn this Act, unless the context otherwise requires, -
Dealer means any person who for the purposes of or consequential to his engagement in or, in
connection with or incidental to or in the course of, his business buys or sells, goods in the
State whether for commission, remuneration or otherwise and includes, -
a) a factor, broker, commission agent, del-credere agent or any other mercantile agent, by
whatever name called, who for the purposes of or
consequential to his engagement in or in connection with or incidental to or in the course
of the business, buys or sells any goods on behalf of any principals whether disclosed or
not;b) an auctioneer who sells or auctions goods whether acting as an agent or otherwise or, who
organizes the sale of goods or conducts the auction of goods whether or not he has the
authority to sell the goods belonging to any principal whether disclosed or not and
whether the offer of the intending purchaser is accepted by him or by the principal or a
nominee of the principal;
c) a non resident dealer or as the case may be, an agent residing in the State of a non-
resident dealer, who buys or sells goods in the State for the purposes of or consequential
to his engagement in or in connection with or incidental to or in the course of, the
business.d) any society, club or other association of persons which buys goods from, or sells goods to,
its members.
BUSINESS [S.2 (4)]
Provision of S.2 4Includes
Service, Trade, Commerce,
Manufacture [STCM]
Adventure or Concern in STCM
Irrespective of
Profit Motive / Accrual
Expln. To S.2 (4)
Deemed to Include
Raising Man-made Forests,
Seedlings or Plants
Related Transaction In
Capital Assets
1
2
3 Purchases Debited/Sale Credited to P & L A/c
Transaction for Commencing/
Closure of STCM/
Adventure/ Concern
(i)
(ii)
(iii
(iv
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DEALER
State whether the following person is a dealer under the MVAT, 2002 giving reasons:
1. Auctioneer
2. Raj Travels, carrying passengers from Mumbai to Pune by bus.3. Jaslok Hospital, selling old X-Ray Machines4. MV & Co. Chartered Accountants.
Solution:
No. Activity Is itDealer
Reasons
(1)
(2)
(3)
(4)
AuctioneerRaj Travels, carrying passengersFrom Mumbai to Pune by bus.Jaslok Hospital, selling old X-Ray MachinesMV & Co. Chartered Accountants.
YesNo
YesNo
Vide definition u/s 2 (8)Engaged in services
To the extent of sale of machinesengaged in services.
3. IMPORTERImporter means a dealer who brings any goods into the State or to
whom any goods are dispatched from any place outside the State.
DEALER [S.2 (8)]
Means & Includes Deemed to Include Excludes
1 2
3
1
2
3
Prov. Of S.2(8)
Buys/Sells Goods in
State in Course
of Business
Factor/Broker/Agent
Auctioneer
Non-resident Dealer
4
Society, Club, AOP
Dealing with
members5
Ex lanation to S.
Customs
Govt. Departments
Local Authorities
Port Trusts/Public
Charitable Trust
Railways / Konkan
Railways
Societies, Clubs,
Insurance/Financial
Corporations/Scheduled Banks
MSRTC
Shipping/
Construction/Air
Transport/Air-
Lines/Advt. Agencies
Govt. Corp.
1
2
3
4
5
6
7
8
9
10
1
2
3
Exceptions to S.
Agriculturist
Educational
Institution
Transporter-Hirer
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4.MANUFACTUREIn This Ac, unless the context otherwise requires,-
Manufacture, with all its grammatical variations and cognate expressions
includes producing, making, extracting, altering, ornamenting, finishing or
otherwise processing, treating or adapting any goods.
Explain with reasons, whether the following activities are manufacturing activities as per the
provisions of the Maharashtra Value Added Tax Act, 2002:
(1) Cutting steel sheets into smaller sheets
(2)
Polishing gold ornaments(3) Assembling TV set from various parts(4)
Assembling computer for the customers household use.Solution:
No. ActivityIs it
ManufactureWhy
(1)(2)(3)
(4)
Cutting steel sheets into smaller sheetsPolishing gold ornamentsAssembling TV set from various parts
Assembling computer for the
customers household use
NoNoYes
Yes
No new product comes into existence.No new product comes into existence.A new product comes into existence,having different properties, qualities &use.
A new product comes into existencehaving different properties, qualities &use.
MANUFACTURE [S. 2 (15)]
Includes
Activity Means
ProducingBring into existence new product
[Produce vanaspati oil from groundnut oil]
Create, generate, and assemble
[Make candles from wax]
Take out [extract oil from groundnuts]
Change
Make appearance presentable
Give final touches
Transform
[Process raw film into cinema reels]
Treat a material to make it usable
[Treat animal-skin to make leather]
Change for desired use
[Coating of scent on raw agarbatti]
Making
Extracting
Altering
Ornamenting
Finishing
Processing
Treating
Adapting
(a)
(b
(c)
(d
(e)
(f)
(g)
(h
(i)
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Explain whether the following activities are manufacturing activities as per the provisions of the
Maharashtra Value Added Tax Act, 2002:
(1)Manufacturing of Ball Bearings(2)
Labelling
(3)
Retreading of old tyres(4)Reconditioning of machinery.
No. ActivityIs it
ManufactureWhy
(1)
(2)
(3)
(4)
Manufacturing of Ball Bearings
Labeling
Retreading of old tyres
Reconditioning of machinery
Yes
No
No
No
A new product with distinct name,
properties & use comes into existence.
No new product comes into existence.
No new product comes into existence.
No new product comes into existence.
5.GOODSGoods means every kind of movable property not being newspapers,actionable claims, money, stocks, shares, securities or lottery tickets
and includes live stocks, growing crop, grass and trees and plants includingthe produce thereof including property in such goods attached to or forming part
of the land which are agreed to be severed before sale or under the contract of sale.
GOODS
1
State whether the following are goods under the MVAT Act, 2002:
(1) Mechanical Equipment. (2) Newspaper.(3) Lottery Tickets. (4) DVD Player.(5) Actionable claim e.g. a debt (claim) for whose recovery a court case (actionable) can be filed(6) Chickens. (7) Vacant Land.(8) Trucks. (9) Import License.(10) Power loom. (11) Loom Hours.(12) SIM card in Mobile Phone. (13) Shares in Infosys Ltd.Solution:
(1)
Yes (2) No (3) No (4) Yes (5) No (6) Yes (7) No (8) Yes (9) Yes (10) Yes (11) No (12) Yes (13) No
Includes
Every Kind of Movable Property
Livestock
Growing Crops, Grass, Trees,
Plants; their Produce
Excludes
Newspapers
Actionable Claims
1
2
3
Money
Stocks, Shares, Securities
1
2
4
5
GOODS [S.2 (12)]
Things Attached to Land,
Severed Before / Under
Lottery Tickets
3
4
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State with reasons whether the following are Goods as per the provisions of Maharashtra Value
Added Tax Act, 2002:
(1) Newspapers(2)Mango Trees
(3)
Equity Share of Siemens Ltd.(4)Residential Flat used for business(5)Malai Kulfi
No. Activity Whether Goods Reasons
(1)
(2)
(3)
(4)
(5)
Newspapers
Mango Trees
Equity Share of Siemens Ltd.
Residential Flat used for business
Malai Kulfi
No
Yes
No
No
Yes
Specifically excluded
Specifically included
Specifically excluded
Immovable Property-excluded
Goods
State with reasons whether the following are Goods as per the provisions of Maharashtra Value
Added Tax Act, 2002:
(a)Lottery Tickets(b)Agricultural Plot(c)Preference shares in SR steels Ltd.(d)Import Licence(e)One Hundred US Dollars ($ 100)
No. Activity Whether Goods Reasons
(a)
(b)
(c)
(d)
(e)
Lottery Tickets
Agricultural Plot
Preference shares in SR steels Ltd.
Import Licence
One Hundred US Dollars
No
No
No
Yes
No
Specifically excluded
Immovable Property
Shares not included
Can be sold
Money Specifically Excluded
State with reasons whether the following are Goods as per the provisions of Maharashtra Value
Added Tax Act, 2002:
(a)
Malai Paneer(b)Equity Shares of TCS Ltd.(c)Jackfruit Trees(d)Lottery Tickets(e)Import Licence
No. Activity Whether Goods Reasons
(a)
(b)
(c)
(d)
(e)
Malai Paneer
Equity Shares of TCS Ltd.
Jackfruit Trees
Lottery Tickets
Import Licence
Yes
No
Yes
No
Yes
Trade able Commodity
Specifically excluded
Specifically included
Specifically excluded
Intangible Goods
SALESale means a sale of goods made within the State for cash or deferred payment
or other valuable consideration but does not include a mortgage, hypothecation,
charge or pledge; and the words sell, buy and purchase,
with all their grammatical variations and cognate expressions,
shall be construed accordingly.
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No. Transaction Yes/No Reasons
(a)
(b)(c)
(d)
(e)
Sale of Washing machines on Hire Purchases
System
Hypothecation of GoodsTransfer of Goods from H.O. to Branch
Gift of Jewellery to a friend
Sale of Scrap
Yes
NoNo
No
Yes
Specifically included under definition
Excluded under definition
No transfer of ownershipNo consideration involved
Valuable consideration
received/receivable
Explain with reasons whether the following are Sales as per the provisions of MVAT Act, 2002.
(a) Sale of food stuff in College Canteen(b) Computer servicing charges received(c) Free samples provided by a Pharmaceutical Company(d) Exchange of Mobile HandsetNo. Transaction Yes/No Reasons
(a)(b)(c)
(d)
Sale of Food stuff in College CanteenComputer Servicing Charges receivedFree samples provided by a PharmaceuticalCompanyExchange of Mobile Handset
YesNo
NoYes
Sale of goods for considerationNo goods involved; only servicing
Goods supplied but no considerationGoods for consideration
SALE PRICESale price means the amount of valuable consideration paid or payable to a dealer
for any sale made including any sum charged for anything done by the seller inrespect of the goods at the time of or before delivery thereof,
other than the cost of insurance for transit or of installation,
when such cost is separately charged;
SALE PRICE
11
Prov. Of S.2 25
Consideration for Sale
Including Charges for anything
done to goods At /
Before Delivery
But Excludes Insurance for
transit / installation
Expln. To S.2 (25)
Includes Excise / Custom /
Prohibition Duties
Excludes MVAT due to a seller
1
2
3
Includes Deposit
Incidental to Sale
I
II
III
SALE PRICE[S.2 (25)]
1 2
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COMPUTING SALE PRICE
Particulars Rs. Rs.
Consideration xxx
Add :
Other Charges xxx
Excise Duty xxx
Customs Duty xxx
Related Deposit xxx
Less:
Transit insurance xxx
Installation xxx
MVAT xxx
Total Sale Price
xxx
xxx
xxx
A product is sold @ Rs. 100 per unit. In a bill, 200 units were sold. The octroi is @ Rs. 2 per unit;excise is @ Rs.12 per unit. The packing & forwarding charges were Rs. 500.Calculate the sale price.
Computing sale price
Particulars Rs.
A. ConsiderationB. Excise (20012)
C.
PackingSale Price
20,0002,400
50022,900
Sales Tax will be charged on this sale price of Rs. 22,900 (and not on the basis price ofRs. 20,000). Thus @ 10% the sales tax would amount to Rs.2, 290.
Compute Sales Price chargeable to Sales Tax under the MVAT Act, 2000.
(1) Manufacturing Cost of Rs. 1,000 units @ 500 per unit.(2)Excise duty Rs. 200 per unit.(3)Installation Charges Rs. 30,000.(4)Transit insurance Rs. 6,750.
Calculation of Sale PriceParticulars Rs.A. Cost of Goods (1,000 500)B.
Excise Duty (200 1,000)Sale Price
5,00,0002,00,0007,00,000
Sale Price Per unit Rs. 7, 00,000 1,000 = Rs. 7000Transit Insurance & Installation Charges are not be included in sale price.
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PURCHASE PRICEPurchase Price means the amount of valuable considerationpaid or payable by a person for any
purchase made including any sum charged for anything done by the seller in respect of the goods at the
time of or before delivery thereof, other than the cost of insurance for transit or of installation. When
such cost is separately charged
EXHIBIT: PURCHASE PRICE
RE-SALEResale means a sale ofpurchase goods-
(i)
in the same form in which they were purchased, or
(ii) without doing anything to them which amounts to, or results in, a manufacture, and the word
resell shall be construed accordingly.
TURNOVER OF SALES
Turnover of sales means the aggregate of the amounts of sale price received and receivable by adealer in respect of any sale of goods made during a given period after deducting the amount of-
(a)sale price, if any, refunded by the seller, to a purchaser, in respect of any goods purchased and
returned by the purchaser within the prescribed period; and
(b)
deposit, if any, refunded in the prescribed period, by the seller to a purchaser in respect of any
goods sold by the dealer.
TURNOVER OF SALES
PURCHASE PRICE [s. 2(20)]
Prov. Of S. 2(20) Expln. to S. 2(20)
Consideration for purchase Includes Excise/Custom/
Prohibition Duties
Excludes MVAT due to a seller
Includes Deposit Incidental to
purchase
Including Charges for
anything done to goods
At or Before Deliver
But Excluding Insurance for
Transit/installation
1
2
3
I
II
III
TURNOVER OF SALES [s. 2(33)]
Prov. Of S. 2(33) Expln. to S. 2(33)
Total Sale Price Received/
Receivable
Price Receivable or Due &
Payable for HP/Sale on
installment/ Use of goods
LessPrice of sales Before
Cancelling R.C.
1
2
I
II
Sale Returns within
6 months
Deposit refunded within
6 months
a
b
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Maharashtra Value Added Tax, 2002
MVAT: REGISTRATIONSteps Particulars
(I) Conditions
Importer
a)
Taxable Sales/purchases at least Rs.10,000
b)
Sales Turnover exceeds Rs.1,00,000
Any Other Persons
a)
Taxable Sales/purchases at least Rs.10,000
b)
Sales Turnover exceeds Rs.5,00,000
(II) Compute Total/Cumulative T/O Rs.
1.
2.
3.
Compute taxable Turnover
1.1 Local Purchases
1.2 Sales
Compute Tax-free Sales Turnover (Sch.A)
Compute Total Sales Turnover (1.2 +2)
(III) Check Conditions Y/N
(1)
(2)
(3)
Taxable T/O (1.1 or 1.2) > 9,999?
Importer
Total Sales T/O (3) > 1, 00,000?
Liable As Importer?
Not liable, if Condition (1) & (2) = No
Liable, if both Condition (1)& (2) = Yes
Non-Importer
Total Sales T/O (3) > 5,00,000
Liable As Non-Importer?
Not Liable, if Condition (1) & (3) = No
Liable, if both Conditions (1) & (3) = Yes
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Note:
a) Taxable Purchase includes only local purchases taxable under MVAT.
b) Taxable Sales includes (i) local sales taxable vide S.7 under Schedule B,C,D or E and (ii)Sales not Subjected to
Tax u/s 8 e.g. Inter State Sales , exports etc.
c) Tax free goods means goods (under Schedule A) against which the rate of tax is shown to be Nil; and Taxable
Goods means goods other than tax free goods [ S.2(30)].
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1. From the Following information furnished to you by Mr. Deven regarding his purchases and sales transactions, find
out from which months he will be liable to pay tax as per the provisions of the MVAT Act, 2002.
Month
Details of Purchases Details of sales
Tax Free
Goods Rs.
Taxable
Goods Rs.
Tax Free
Goods Rs.
Taxable
Goods Rs.
April 2014 to December 2014January 2015
February 2015
March 2015
38,00010,000
1,80,000
3,000
3,000-
1,800
11,200
40,00015,000
95,000
30,000
3,000-
-
-
2. From following information furnished to you by Mr. Care-free regarding his purchases and sales transactions, find
out from which months he will be liable to pay VAT as per provisions of the MVAT Act, 2002.
3. Mr. Hemant furnished the following information regarding his turnover of purchases and sales transactions. Find
out whether, as per the provisions of the Maharashtra Value added Tax Act; 2002.he is liable for
registrations (i.e. for payment of Maharashtra Value Added Tax).
Months
Details of purchases (Local) Details of Sales made within the state
Tax-Free
Goods(Rs.)
Taxable
Goods(Rs.)
.Tax Free
Goods (Rs.)
Taxable
Goods (Rs.)
Total
(Rs.)
August 2014
February 2015March 2015
1,03,000
1,63,0001,83,000
5,000
2,4002,400
80,000
2,00,0001,60,000
6,000
1,6001,600
86,000
2,01,6001,61,600
4. Mrs. Anju who started business during 2014-2015 furnishes the following information regarding her purchases and
sales transactions.
Find out whether as per the provisions of the MVAT Act, 2002 she is liable for registration.
Months
Purchases Within State Sales Within State
Taxable Goods Tax Free Goods Taxable Goods Tax Free Goods
Rs. Rs. Rs. Rs.
April 2014
May 2014
June 2014
July 2014
3,000
6,000
600
3,000
80,000
1,80,000
3,20,000
70,000
6,000
3,000
2,000
1,600
60,000
10,000
4,52,000
20,000
5. From the following information furnished to you by Mr. shaker, a new dealer regarding his purchase & sale
transactions,find out from which month he will be liable to pay tax as per the provisions of MVAT Act, 2002.
Month
(A) Details of Purchases (B) Details of Sales
Inside Maharashtra State Import
Tax Free
Goods(Rs)
Taxable
Goods(Rs)
Tax Free
Goods(Rs)
Taxable
Goods(Rs)
Tax Free
Goods(Rs)
Taxable
Goods(Rs)
April 2014
May 2014
June 2014
July 2014
22,000
30,000
60,000
1,12,000
3,000
2,000
3,000
3,600
2,000
8,000
14,000
2,000
1,000
-
800
1,000
50,000
60,000
8,000
80,000
4,000
2,000
-
2,000
6. The following information is furnished to you by Mr. Nihar, who started business in April 2014 regarding his
purchase and sale transactions. Find out in which months, he will be liable to pay tax as per the provisions of
MVAT Act, 2002.
Month
Details of purchases Details of Sales
Taxable Goods Tax Free Goods Taxable Goods Taxfree Goods
Rs. Rs. Rs. Rs.
April 2014 To Dec2014
January 2015
February 2015
March 2015
38,000
10,000
80,000
6,000
4,000
-
4,000
3,000
40,000
16,000
90,000
30,000
5,000
-
-
-
Month
Details of purchases Details of Sales
Tax Free
Goods
RS.
Taxable Goods
Rs.
Tax Free
Goods
Rs.
Taxable Goods
Rs.
April2014 to November2014
December 2014
January 2015
February 2015
March 2015
40,000
60,000
30,000
40,000
70,000
4,000
4,000
3,000
-
20,000
50,000
70,000
30,000
50,000
1,00,000
1,000
8,000
800
30,000
40,000
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7. Raja, who started business in April 2014, is a manufacturer. From the following details find out from which
months she is liable for registration as per the provisions of the MVAT Act, 2002.
Month
Purchases Taxable within Maharashtra Sales Taxable within Maharashtra
Raw Material
April 2014May 2014
June 2014
July 2014
30,00036,000
-
5,60,000
30,00040,000
18,000
5,40,000
8. Mr. Amit is trader and importer who started business in April 2014. From the following information, find out on
which day he will be liable to pay tax as per provisions of the MVAT Act, 2002.
Date
Purchase Sales
Taxable Goods Taxable Goods
Within Maharashtra Out of MaharashtraWithin
Maharashtra
15-4-2013 ----------------
20-4-2014 ----------------25-4-2014 ----------------
28-4-2014 ---------------
30-4-2014 ---------------
05-5-2014 ---------------
08-5-2014 ---------------
20-5-2014 ---------------
31-5-2014 ---------------
30,000
--
40,000
-
-
30,000
-
-
-
-6,000
-
-
24,000
-
-
-
-
20,000-
-
90,000
-
-
-
40,000
9. Dilip Enterprises is a Dealer who started business in April 2014.Find out from which month he will be liable for
registration as per the provisions of MVAT act, 2002.
Month 2014Purchases Sales
Taxable Tax-free Taxable Tax-free
April ------------------
May -----------------
June ----------------
July -----------------
August ----------------
September -----------------
October -----------------
November -----------------
December ----------------
500
1,000
2,000
2,500
3,000
3,500
4,500
6,000
4,500
2,500
4,500
6,500
24,000
25,000
52,000
72,000
25,000
80,000
500
500
1,500
2,000
4,000
1,000
2,500
4,500
6,000
1,000
3,000
10,000
26,000
28,000
65,000
75,000
26,000
2,92,000
10. Determine from which month Lalit, who started business in Apr. 2014 is liable registration under MVAT Act:
Month
Local Purchases Purchases from Gujarat Sale inside state
Taxable Tax-free Taxable Tax-free Taxable Tax-free
May, 2014 -----------
June, 2014 -----------
July , 2014 -----------
Aug, 2014 ----------
Sept, 2014 -----------
Oct, 2014 -----------
30,000
1,000
20,000
40,000
10,000
2,000
4,000
5,000
1,000
2,000
10,000
8,000
1,000
4,000
6,000
4,000
3,000
4,000
500
500
22,000
1,000
5,000
4,000
15,000
20,000
10,000
5,000
22,000
40,000
5,000
4,000
2,000
5,000
8,000
5,000
11.From the following information furnished to you find out from which month the dealer will be liable to pay tax
as per provision of the MVAT Act, 2002.
Month
Purchases Sales
Tax FreeGoods Rs.
TaxableGoods Rs.
Tax FreeGoods Rs.
TaxableGoods Rs.
April, 2014 to December 2014
January,2015
February,2015
March, 2015
40,000
20,000
5,00,000
5,000
5,000
-
2,000
10,000
35,000
20,000
5,20,000
8,000
4,000
-
-
-
12. From the following information of Mr. Anil, who started business in April 2014, find out from which month he is
liable for registration as per the provision of MVAT Act, 2002.
Month and year
Purchase within State Sales within State
Taxable
Goods Rs.
Tax-free
Goods Rs.
Taxable
Goods Rs.
Tax free
Goods Rs.
April 2014May 2014
June 2014
July 2014
2,0008,000
1,000
2,000
70,0004,90,000
30,000
60,000
5,0004,000
4,000
1,000
50,0005,21,000
50,000
22,000
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13. Following information is given by Mr. Dhaval who started business on 1-4-2014 relating to his Sales and
Purchases. Find out whether he is Liable to Vat or Not.
MonthPurchases within state Sales within state
Taxable goods Tax free goods Taxable goods Tax free goods
April to Dec.2014
January, 2015February, 2015
March, 2015
4,000
1,000--
4,000
62,000
29,00030,000
96,000
3,000
2,0001,000
5,000
59,000
48,00039,000
88,000
14.From the following information of Mr. Suhas who started business on 1-4-2014 find out whether he is liable for
registration or not as per the provisions of MVAT Act. Give reasons for your answer.
Month
Details of Purchases Details of Sales
Taxable
Rs.
Tax free
Rs.
Taxable
Rs.
Tax free
Rs.
April 2014 to October 2014
November 2014 to January 2015
February 2015
March 2015
1,000
4,000
2,000
4,000
49,000
46,000
38,000
3,76,000
3,000
5,000
1,500
4,500
47,000
55,000
68,500
3,75,500
15. M/S Apurva Industries started production of plastic goods from October, 2014. The following is available of its
activities. Find out from which month it is liable for registration under the MVAT Act, 2002.
Month Tax Free
Purchases
Rs.
Taxable
Purchases
Rs.
Tax Free
Sales
Rs.
Taxable
Sales
Rs.
2014
October
November
December
2015
January
FebruaryMarch
1,200
8,000
2,000
1,600
1,2003,200
14,000
2,400
24,000
16,000
20,00018,000
2,000
--
1,600
2,000
4,4001,000
1,000
--
2,000
18,000
15,60019,000
16.Mr.Ponting is a new dealer. From the following information find out on which day he will be liable to pay tax.
Give reasons for your answer:
DatePurchase Sales
Taxable Tax Free Taxable Tax Free
02-04-13
04-04-13
10-04-13
20-04-13
30-04-13
02-05-1310-05-13
20-05-13
31-05-13
01-06-13
03-06-13
10,000
--
20,000
--
40,000
--5,000
10,000
--
15,000
5,000
15,000
--
40,000
--
60,000
--20,000
10,000
--
3,15,000
10,000
--
6,000
5,000
10,000
--
50,00010,000
5,000
10,000
20,000
20,000
--
14,000
10,000
40,000
--
15,00030,000
15,000
10,000
3,20,000
30,000
17.Mr. Nishu, who started business in December 2014, furnishes the following information regarding his turnover
of purchases and sales purchases and sales transactions. You are requested to find out whether & from which
month, as per the provisions of the MVAT Act, 2002, he is liable for registration and paying VAT.
Month
Details of PurchasesDetails Of sales
Import Local
Taxable Tax-free Goods TaxableGoods Total Tax-freeGoods TaxableGoods Total
December 2014
January 2015
March 2015
1,60,000
1,00,000
1,80,000
2,000
4,000
3,000
2,400
2,400
5,000
1,64,000
1,06,400
1,88,000
2,00,000
80,000
1,60,000
6,000
1,600
1,600
2,06,000
81,600
1,61,000
18.Mr. Anand is a new dealer. Find out from which month he will be liable for registration as per the provisions of
the MVAT Act, 2002.
Month Year 2014 Purchases Sales
Taxable Tax-free Taxable Tax-free
April To June --------------
July --------------
August --------------
September --------------October --------------
November --------------
December ---------------
3,500
2,500
3,500
3,0004,500
6,000
9,000
13,500
24,000
52,000
25,00072,000
2,25,000
75,000
2,500
2,000
1,000
4,0002,500
4,500
7,000
14,000
26,000
65,000
28,00075,000
3,26,000
84,000
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24.M/S Thatte & Co. commenced business on 19thMarch, 2014 from the following particulars regarding purchases
and sales Transactions, find out from which date they will be liable for Registration and to pay tax per the
provisions of MVAT Act, 2002.
Month
Details of PurchasesDetails of Sales
Out of state Within State
Taxable Taxable Tax free Rs. Taxable Tax free Rs.19-3-2014
24-3-2014
28-3-2014
31-3-2014
03-4-2014
04-4-2014
10-4-2014
12-4-2014
15-4-2014
7,000
8,000
4,000
5,000
16,000
5,000
4,000
5,000
10,000
12,000
6,000
5,000
8,000
8,000
4,000
8,000
20,000
18,000
16,000
12,000
10,000
18,000
20,000
12,000
14,000
10,000
10,000
7,.000
10,000
18,000
12,000
9,000
500
12,500
16,000
22,000
15,000
12,000
22,000
2,000
20,000
28,000
32,000
25,000
15,000
25.M/S Herwadkar and associates commenced business on 27 thMarch, 2014. From the following particulars
regarding purchases and sales transactions, find out from which date he will be liable for Registration and to paytax as per the provisions of MVAT Act, 2002.
DatePurchases Sales
Taxable Tax free Taxable Tax Free
27-3-2014
28-3-2014
29-3-2014
2-4-2014
4-4-2014
7-4-2014
8-4-2014
10-4-2014
15-4-2014
6,000
3,000
1,500
6,000
4,000
10,000
6,000
4,000
5,000
18,000
25,000
80,000
2,28,000
1,75,000
1,00,000
1,20,000
75,000
1,10,000
8,000
1,000
500
8,000
1,000
20,000
15,000
10,000
5,000
24,000
32,000
95,000
3,75,000
1,05,000
1,10,000
1,05,000
2,10,000
1,28,000
26.M/S Kanade & Co. commenced business on 16thMarch, 2014 from the following particulars regarding purchases
and sales transactions: find out from which date they will be liable for Registration and to pay tax as per the
provisions of MVAT Act, 2002.
Month
Details of PurchasesDetails of sales
Out of State Within State
Taxable Taxable Tax free Taxable Tax free
16-3-13
19-3-13
22-3-13
30-3-13
03-4-13
06-4-1311-4-13
15-4-13
11,000
10,000
8,000
7,000
15,000.
20,00012,000
18,000
6,000
3,000
2,000
4,000
8,000
6,00012,000
14,000
12,000
13,000
14,000
18,000
10,000
12,00016,000
11,000
8,000
21,000
10,000
5,000
19,000
40,00010,000
18,000
15,000
11,000
20,000
6,000
21,000
15,00012,000
28,000
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MVAT COMPUTATION
No. Month Working
Schedule A B C D E Total
1 % Rate 0% 1.00% 5.00% 20.00% 12.50%
2 Taxable GTO
3 Deduction
4 Taxable NTO [ 2-3 ]
5 Tax [1 X 4]
6 Purchase
7 Set-off in Tax [ 1X6 ]
8 Reduction in Set off
9 Set off B/f
10 Net Set off [7-8+9]
11 Final VAT or (Set off C/f) [5-10]
Note :-
1. In absence of details , rate of tax on sales & local purchase is taken @12.5%
2. CST on OMS purchases from Bihar / Gujarat is not available for set off.
3. It is presumed that VAT Return is to be made Monthly & not quarterly.
4. Schedule C sales are assumed to be Declared Goods taxable @5%.
5. Export sales are not taxable.
6. OMS sales are taxable under CST Act.
1. From the following information in respect of sales of schedule D goods liable to sales tax @ 20%, you are required
to find out total amount of sales-tax for the below mentioned months:
Months Taxable Sales Rs.
April 2014 to January 2015 8,00,000
February 2015
March 2015
8,00,000
2,00,000
2. From the following information in respect of schedule E goods, you are required to find out total amount of sales
tax for the bellowed mentioned months.
Months Taxable Sales Rs.
April 2014 to January 2015 4,00,000
February 2015 4,00,000
March 2015 4,00,000
3. Miss Shaifali, a registered dealer, furnishes you the following information regarding her turnover of purchases and
sales for May 2014.
(1)Local purchases- Rs. 10, 00,000.
(2)Purchases from Gujarat @2%-Rs. 3, 00,000.
(3)Purchases from Bihar @ 2%-Rs. 1 00,000.
(4)
Sales of goods- Rs. 9, 00,000.Calculate tax payable under MVAT Act, 2002.
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4. Mr. Harnamsingh, a registered dealer, furnishes you the information regarding his purchases and sales of goods.
Find out the liability of MVAT for the below mentioned months.
Month
Within States
Purchases
Rs.
Sales
Rs.
January 2015 3,00,000 7,00,000February 2015 4,00,000 5,00,000
March 2015 5,00,000 4,00,000
5. Mr. Nagesh a registered dealer gives you the information of sales as detailed below:
Period
Schedule
A B C
Rs. Rs. Rs.
June 2014 1,00,000 1,00,000 80,000
July 2014 1,10,000 50,000 20,000
August 2014 60,000 20,000 50,000
September 2014 2,00,000 60,000 1,80,000
Details of sale outside Maharashtra are as follows:
Particulars Rs.
June 2014 1,00,000July 2014 80,000August 2014 10,000September 2014 2,00,000
Ascertain the sales tax liability of Nagesh under the MAVT Act, 2002.(Assume there is no set off claim)
6. Mr. Raj a registered dealer under Maharashtra Value Added Tax Act, 2002, furnished you the following details.
Calculate the amount of set off/tax payable.
Particulars Rs.
(a)Raw Materials Declared Goods (Schedule C) 2,00,000(b)Machinery (Schedule E) 3,00,000
(c)Other (Schedule D 20%) 30,000
7. A dealer requests you to compute his tax liability under MAVT Act, 2002 for March 2015from the following
information.
Particulars Rs.
Sales (Tax rate 20% as per schedule D) 35,000Sales out of Maharashtra including CST 2% 36,000Sales (Schedule C) 72,000
Labour Charges 1,10,000Schedule A goods 6,32,000
Total 8,85,000Sales return within 6 months of Schedule D goods having tax rate 20% 5,000
8. M/S Yogesh and Co. request you to compute liability under MVAT Act, 2002 for the month of January 2015
from the following information. M/S Yogesh & Co. is registered dealer under MVAT Act, 2002.
Particulars Rs.
Sales of Schedule A goods 4,00,000
Sales of Schedule C goods 2,00,000Sales of Schedule E goods 5,00,000Sale out of Maharashtra 10,00,000Labour charges received 4,00,000Less: Sale return (within 6 months) of
Schedule A goods 20,000
Schedule E goods 50,000
9. Compute the sales tax liability as per the provisions of the MVAT Act, 2002 for the month of June, 2014. A
registered dealer, who deals in only Schedule A and Schedule C goods, gives you the following details of sales and
purchases.
Particulars Sales (Rs.) Purchase (Rs.)
(1) Gross Turnover Total 4,00,000 2,50,000(2) Goods falling in Schedule A 2,50,000 1,00,000
(3) Total Sales of Schedule C goods include the Sales OMS of goods having the sales of Rs. 1, 25,000.
10.Veena & Co. asks you to compute their Taxable Turnover & Sales Tax Liability under the MVAT Act, 2002 for
the each month separately from the following information.
Sales:
Month Schedule A Schedule C Schedule EJanuary 2015 12,000 6,000 30,000
February 2015 15,000 34,500 45,000
March 2015 6,000 18,000 30,000
33,000 58,500 1,05,000
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Sales Returns:
Month Schedule A Schedule C Schedule E
January 2015 Nil Nil Nil
February 2015 3,000 3,000 1,500
March 2015 Nil 18,000 3,000
3,000 21,000 4,500
11.M/S Alfa & Co. request you to compute their Tax liability under MVAT Act, 2002, for the month of January
2015from the following information:-
Particulars Rs.
Sales (excluding Sales Tax) of Schedule E goods 2,50,000Sale out of Maharashtra 1,50,000Labour charges received 1,20,000Sales of Schedule C goods 40,000Sales of Schedule A goods 35,000Total 6,20,000
Particular Rs.
Purchase of Schedule A goods 5,00,000Purchase from Gujarat @ 2 % CST 2,00,000
Labour Charges paid 1,00,000
Purchase of Schedule C goods used in manufacturing 50,000
Set Off (b/f) 30,0000
12.AB &Co., a registered dealer requests you to compute the liability of Sales Tax under the MVAT Act, 2002 from
the following information.
Month Sales within the State Sch.DTax
Set off
AvailableSchedule A ScheduleC Schedule E
January 2015 5,00,000 22,00,000 36,00,000 10,000 25,000
February 2015 4,00,000 40,00,000 10,00,000 15,000 40,000
March 2015 2,00,000 6,00,000 7,00,000 5,000 50,000
13.For M/s. AB & Co., compute the amount payable as tax under MVAT Act.
Month
Sales Purchase
Schedule
A
Rs.
Schedule C
Rs.
Schedule
E
Rs.
ScheduleE
Rs.
January 2015 .. ... ... ... .
2,00,000 3,00,000 4,00,000 4,00,000
February 2015 1,00,000 4,00,000 3,00,000 3,00,000
March 2015 2,00,000 4,00,000 1,00,000 2,00,000
14.Mr. Laxman furnishes you the details of purchase and sales.Compute the tax payable under MVAT Act, 2002 if
tax rate is sch. C = 4%, Sch. D = 20% and Sch. E = General.Particular Rs.
Purchases
Schedule C .. . . 2,00,000Schedule E .. . . 3,00,000Schedule D .. . . 3,00,000
Sales
Export Sales .. . . 7,00,000Schedule C .. . . 4,00,000Schedule A .. . . 2,00,000Schedule E .. . . 1,00,000
15.
Mr. Narayan furnishes you with the details about the sales of various goods. Compute the amount of tax payableas per Maharashtra Value Added Tax Act, 2002.The rates of tax are as follows:
Schedule C = 4%, Schedule B = 1% and Schedule D = 20%.
Particulars Rs.
Sales .. . Schedule A .. . 5,00,000Schedule B .. . 4,00,000Schedule C .. . 5,00,000Schedule D .. . 6,00,000Schedule E .. . 4,00,000
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16.Mrs. Smita, a registered dealer gives you the following information in respects of sales of schedule E. You arerequired to find out total amount of Sales Tax for the following periods.
MonthsLocal Sales
Rs.
OMS Sales
Rs.
April 2014 to December 2014 ... . 5,00,000 25,00,000
January 2015 ... . 2,00,000 18,00,000February 2015 ... . 50,000 9,50,000
March 2015 ... . 2,50,000 7,50,000
17.Mr. Jayasurya, a registered dealer gives you the details of sales for the month of Dec.2014 as follows:
Particulars Rs.
1) Sales of Goods covered by Sch. A .. . 4,00,0002) Sales of Goods covered by Sch. B .. . 2,00,000
3) OMS Sales against from C @ 2%CST .. . .. .
1,50,000
4) Sale of Schedule E Goods 1,00,000
Compute the Sales Tax liability for the month of Dec.2014.
18.M/s. Raj & Co. requests you to compute liability under MVAT Act, 2002 for month of February 2015, from the
following information. The firm is a registered dealer under MVAT Act, 2002.
Particulars Rs.
Sale of Schedule A Goods .. . 80,000
Sale of Schedule B Goods .. . .. . .. . .. ... .. ...
.. ...
40,000
Sale of Schedule C Goods 1,00,000
Sale out of Maharashtra
Labour charges received
Sale of Schedule E Goods
Total
2,00,000
80,000
1,20,000
6,20,000
Less : Sales Returns : of Schedule A Goods Schedule E GoodsSchedule C GoodsTotal
.. ... .. ...
.. ...
4,0006,000
10,000
20,000
Sale off available for this month is Rs. 7,300.Sale figure are exclusive of Sale Tax.
19.Sensex Marketing furnishes you the following details about Purchase and Sales.Ascertain the tax payable as per
MVAT Act, 2002.
Particulars Rs.
Purchases
August
September
OctoberSales
May
June
August
.. .
.. .
.. .
.. ...
.. ...
.. ...
3,00,000
4,00,000
5,00,000
6,00,000
5,00,000
4,00,000
All the Goods belong to Schedule C.
20.Following are details of a registered dealer. Calculate the tax payable as per MVAT Act, 2002.
Purchases
Month Schedule Rate of Tax Rs.
May 2015 A Nil 1,00,000
June 2015 C 5% 2,00,000
July 2015 E 12.5% 3,00,000Sales
Month Schedule Rate of Tax Rs.
June 2015 A Nil 2,00,000
July 2015 C 5% 3,00,000
August 2015 E 12.5% 4,00,000
21.Mr. Vinu, a Registered dealer of a product covered under Schedule E sell goods for Rs. 7, 50,000. The Purchaserequired for the product is procured from Registered Dealer within the state as under:
Material X Covered by Schedule C Rs. 2, 00,000.
Material Y Covered by Schedule E Rs. 4, 00,000.Mr. Vinu had an opening balance (Credit) in VAT Credit Receivable Account of Rs. 15,000.
Mr. Vinu had utilized material Y for manufacturing of Tax-free Goods.Calculate the tax payable under MVAT Act, 2002.
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22.A dealer purchases the following Goods in Maharashtra during December, 2015.
ParticularsTotal
Rs.
Input Tax
Rs.
Net Purchases
Rs.
5% VAT Goods ... ... 7,80,000 30,000 7,50,000
12.5% VAT Goods ... ... 15,75,000 1,75,000 14,00,000
Tax- free Goods ... ... 1,50,000 Nil 1,50,000Additional Information:
1. VAT payable on sales made during the month is Rs. 3, 27,500.
2. During December 2015, the dealer utilized 5% VAT Goods costing Rs. 1, 50,000 as input for manufacturing Tax-
free Goods.
3. On 1st December, 2015 there was an opening balance of Rs. 10,000 in VAT Receivable/set off Account.
4. The dealer has received a refund of Rs. 2,500 out of VAT Credit Receivable Account.
Prepare a statement of computation of Tax to be paid under the provisions of MVAT Act, 2002.
23.Calculate the Set off and Tax payable under MVAT Act, 2002from the following details of August 2015 of M/s
Ragnekar Associates.
Particulars Rs.
Local purchases from Registered Dealers .. . 12,00,000Purchases from Unregistered Dealers .. . 2,00,000
Sale price of Goods .. . .. .
20,00,000
Inter State Stock Transfer 4,00,000
The ratio of stock transfer to total sales is 20%. M/s.Ragnekar Associates had an opening balance
(Credit) in VAT credit receivable account of Rs. 12,500.
24.M/s Phutane & Co. furnishes the following data.
You are required to compute the amount payable as Tax under, MVAT Act, 2002.
Month
Sales Purchases
Sch. A
Rs.
Sch. C
Rs.
Sch. E
Rs.
Sch. E
Rs.
Oct.2015 1,00,000 4,00,000 3,20,000 4,00,000Nov.2015 2,00,000 4,25,000 4,10,000 4,50,000
Dec.2015 2,50,000 6,00,000 2,20,000 5,50, 000
There was an Opening Balance of Rs. 2,500 in the VAT Credit Receivable Account on 1-10-2015.
25.M/S Bansode and Co. is a dealer in Chemicals.From the following information find out its Tax
liability for the month of September 2015 as per the provisions of MVAT Act. 2002.
Particulars Rs.
Sales (Inclusive of Tax)
Schedule C Goods @ 5%
Schedule E Goods @12.5%
Purchases (Inclusive of Tax)Schedule C Goods @ 5%Schedule E Goods @12.5%Schedule B Goods @1%
4,20,000
28,12,500
32,32,500
6,30,000
16,87,500
5,05,000
28,22,500
26.M/S Raje & Co. a Registered dealer under MVAT Act 2002, requests you to compute liability under MVAT Act
2002. For the month of March 2015from the following information.
Sales Rs. Sales Return Rs.
Schedule A Goods 1,00,000 Schedule A Goods 20,000Schedule B Goods 50,000 Schedule E Goods 20,000
Schedule E Goods 2,20,000Sales out of Maharashtra 1,50,000Labour Charges Received 75,000
5,95,000 40,000
Purchases Rs. Purchase Return Rs.
Schedule A Goods 50,000 Schedule E Goods 30,000
Schedule E Goods 3,50,000
4,00,000 30,000
There was an Opening Balance (credit) in VAT Credit Receivable Account of Rs. 12000 Account of
Rs. 12,000 Rates of VAT for Schedule A, B, and E Goods are NIL, 1% and 12.5% respectively.
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27.Shri .Deoshthalee a Registered Dealer under MVAT Act 2002 furnishes you the following details about purchases and
sales for the month of Dec. 2015.Ascertain Tax payable as per MVAT Act, 02.
Sales Rs. Sales Return Rs.
Schedule A Goods 1,80,000 Schedule A Goods 5,000Schedule B Goods 55,000 Schedule B Goods 8,000
Schedule C Goods 1,08,000 Schedule E Goods 6,000Schedule E Goods 2,66,000
Purchases Rs. Purchase Return Rs.
Schedule A Goods 1,20,000 Schedule C Goods 2,000Schedule C Goods 1,62,000 Schedule E Goods 4,000Schedule E Goods 2,04,000
Shri. Deoshthalee has an Opening Balance (Credit) in VAT Credit Receivable Account of Rs.
4,500/-. Rates of Tax for Schedule A, B, C and E Goods are NIL, 1%, 5% and 12.5% respectively.
28.M/s Vaishampayan & Co. provides you the following information regarding sales/purchases for the
month of December 2015.
Particulars Rs.Sales
Schedule E Goods @ 12.5%Schedule C Goods @ 5%
Purchases
Raw Materials Schedule C Goods @ 5%Labour Charges
OMS Purchases
Schedule E components purchased @12.5%Stationery Schedule E Goods @ 12.5%Purchase of Machinery Schedule E @12.5%
20,00,000
4,00,000
24,00,000
6,00,000
1,50,000
2,00,000
8,00,000
25,000
8,00,000
25,75,000
Calculate the MVAT Payable / Refundable for the month of December 2015.
Given that there is a set off C/F from earlier month of Rs. 50,000.
29.From the following information provided by Mohan & Co. You are required to compute their tax liability under the
provisions of MVAT,2002 for the month of December,2015.
(a) Purchases (excluding tax)
Schedule C Goods Rs.2,00,000
Schedule E Goods Rs.3,00,000(b)Sales (excluding tax)
Schedule C Goods Rs.4,00,000Schedule E Goods Rs.10,00,000
Schedule A Goods Rs.5,00,000(c) The dealer, Mohan & Co. utilised Schedule C goods costing Rs.1,50,000(Net of tax) as input for Manufacturing
Schedule A goods.(d)The tax rate for Sch.C goods is 5% , Schedule Agoods is Nil & Schedule E goods is 12.50%.