Sudip (MD) 13 January 2013
V.Devananda Narasimham (Advocate) 13 January 2013
You need not pay tax from your gross profit. You can collect tax against sale value from your client. Selling cost plus tax is the generally accepted method. If gross profit is inclusive of tax portion, you are required to pay tax from it without any dispute.
Sudip (MD) 13 January 2013
Thank you sir for you kind reply. Yes the gross profit i mentied is inclusive of taxes, i cannot increase my sale price as the market is very compitative. lots of people are taking wrong path to sale thir products. I dont want to take any dishonest ways.
Sir please suggest like small dealer, bellow 5 LAKH YEARLY TURNOVER is their any other registration of VAT dealers whos turnover is within 10 - 50lakh and they have to pay 1% of gross sale amount ... otherwise i dont have any other option than to stop the business ..
Sir, Please suggest.
With regards.
V.Devananda Narasimham (Advocate) 13 January 2013
Which is your State
V.Devananda Narasimham (Advocate) 13 January 2013
Which is your State in order to find out statutory provision. Normally manufacturer is considered as 1st seller not entitled to get presumptive tax dealer benifit.
Sudip (MD) 13 January 2013
I am from west bengal. kolkata.
V.Devananda Narasimham (Advocate) 14 January 2013
Sudip (MD) 15 January 2013
No Sir, my turnover never crosses 24 lakh, as i ve stated approx. 2 lakh/month .which is approx 24 lakh / yearly. .. from where u got the figure 36 lakh ?
V.Devananda Narasimham (Advocate) 15 January 2013
OK, I considered monthly sales turnover as 3 lakhs instead of 2. However annual turnover is morethan 5 lakhs liable to pay tax. For further details you may contact local tax practitioner or an advocate.
Sudip (MD) 17 January 2013
ok Sir, Thank you very much.