ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022? When should ABC file this VAT Return?
ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022? When should ABC file this VAT Return?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad.
The company has recorded the following transactions in February 2022:
- Sales to local customers - $1,300,000 (VAT inclusive)
- Sales to local customers - $1,000,00 (VAT exclusive)
- Sales to customers located aboard - $700,000
- Purchases $750,000 (VAT inclusive)
- Purchases $500,000 (VAT exclusive)
- Imports of $75,000 inclusive of J$15,000 VAT
Calculate the GCT payable/refundable for February 2022?
When should ABC file this VAT Return?
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