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Computation of Tax Liability

This document provides a computation of sales tax for the month of May 2019 for XYZ Associates. It includes calculations for output tax, input tax, tax liability, sales tax to be carried forward, and refunds on zero rated supplies. The output tax is calculated separately for supplies to registered entities, unregistered entities, and all other supplies. The input tax is apportioned between taxable local supplies, zero rated supplies, and exempt supplies. The document spans 4 pages and includes tables for output tax, input tax, admissible/inadmissible input tax, and apportionment of input tax.

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Hasnain
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48 views

Computation of Tax Liability

This document provides a computation of sales tax for the month of May 2019 for XYZ Associates. It includes calculations for output tax, input tax, tax liability, sales tax to be carried forward, and refunds on zero rated supplies. The output tax is calculated separately for supplies to registered entities, unregistered entities, and all other supplies. The input tax is apportioned between taxable local supplies, zero rated supplies, and exempt supplies. The document spans 4 pages and includes tables for output tax, input tax, admissible/inadmissible input tax, and apportionment of input tax.

Uploaded by

Hasnain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Page 01:

XYZ Associates
Computation of Sales tax
For the tax month/period, May 2019

RS
Computation of tax liability

Output tax 000


Less: Lower of
Input tax for current year
+B/f
Or: 90% of output tax
XXXX
Add: 3% on sales to unregistered person 0000
xxxxxxx
Less: Input tax on fixed asset

Tax to be paid
Sales tax to be carried forward (In case 90% of output tax is lower than total input tax) 00000

Refund on ZERO RATED supplied (portion in turnover+ Portion in fixed asset) 00000

Page 02
W# 01

Output tax Rs
Supplied to registered

Un registered

And all other supplies


Less: Returns

Total OUTPUT 000000

RATE @ 17% 000000


TOTAL TAX
Page 03:
W# 02
Admissible/
Input tax Inadmissibl
e
Rat TAX
e
Purchases from registered admissible 17% xxxx
person
From unregistered person inadmissible
X
y
Total input 000000

Page 04
W# 03:
Apportionment of Input tax
Turnover Common Fixed
Input tax Asset
Input

Taxable Local Figure of xxx xxxx


Supplied Total output

Zero Rated Figure given xxxx xxxx

Exempt Given xxxx xxxxx


Supplies
Total input
tax

How to apportion:
1:
Page 03
Page 04

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