06-19-2010, 08:20 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by [email protected]</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by [email protected]</i>
<br />Dear Forum Members!
I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following wuestion in the light of sales tax act-1990.
Q>Let suppose we purchased some raw material from supplier in apr-10
Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500
*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.
My question is that does supplier submit his out put tax liablity after payment by us? meance after 30 days as above??
dear frnd pls write your comments as soon as possible.
Regards
Muhammad Umar
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">Dear Mr. M Umair.
In response to you query please find exact lines of the Act and my comments in this regards. I hope you will get you answer.
As per section (7) of Sales Tax Act, Tax liability in respect of taxable supplies made during a tax period, a registered person shall be entitled to deduct input tax <b>Paid or Payable</b> during the tax period for the purpose of Taxable supplies <b>made or to be made</b> by him from output tax that is due from him in respect of that tax period .
as per my understanding, a registered person can adjust input tax on unused and sold items against out put tax. However, Registered person is required pay within 180 days of issue of tax invoice (section 173)
In order to grasp complete understanding of the taxability, you need to thoroughly go understand section 7,8,8B and 73.
Incase you need further understanding, please feel free to mail me at [email protected] or call me at 03452332304
Best Regards
Is any person here to help me about above matter???
Dear frnds!
i want to know that i have a sale tax invoice of april-10 as mention above question and according to accrual concept i have accounted this invoice in june due to late receiving and but the payment has not been made.
Now the supplier is being offering a discount then in this situation what should i have to do????
will the invoice be change??
does the output tax liability settled on collection basis or accrual basis??
kindly write your comments.
Regards
Muhammad Umar.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by [email protected]</i>
<br />Dear Forum Members!
I have a question regarding sales tax matter and em confuse in this question, i need your kind supportive and reasonable comments in respect of following wuestion in the light of sales tax act-1990.
Q>Let suppose we purchased some raw material from supplier in apr-10
Value excluding s/tax 25000
18 % sales tax 4500
Sub Total 29,500
*Pls. remember our payment period is 30 days to supplier. and payment is to be made in May-10.
My question is that does supplier submit his out put tax liablity after payment by us? meance after 30 days as above??
dear frnd pls write your comments as soon as possible.
Regards
Muhammad Umar
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">Dear Mr. M Umair.
In response to you query please find exact lines of the Act and my comments in this regards. I hope you will get you answer.
As per section (7) of Sales Tax Act, Tax liability in respect of taxable supplies made during a tax period, a registered person shall be entitled to deduct input tax <b>Paid or Payable</b> during the tax period for the purpose of Taxable supplies <b>made or to be made</b> by him from output tax that is due from him in respect of that tax period .
as per my understanding, a registered person can adjust input tax on unused and sold items against out put tax. However, Registered person is required pay within 180 days of issue of tax invoice (section 173)
In order to grasp complete understanding of the taxability, you need to thoroughly go understand section 7,8,8B and 73.
Incase you need further understanding, please feel free to mail me at [email protected] or call me at 03452332304
Best Regards
Is any person here to help me about above matter???
Dear frnds!
i want to know that i have a sale tax invoice of april-10 as mention above question and according to accrual concept i have accounted this invoice in june due to late receiving and but the payment has not been made.
Now the supplier is being offering a discount then in this situation what should i have to do????
will the invoice be change??
does the output tax liability settled on collection basis or accrual basis??
kindly write your comments.
Regards
Muhammad Umar.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
