The sale of goods, works and services is subject to value added tax. In order to correctly calculate VAT on goods, it is necessary to fulfill certain requirements of tax legislation.
Instructions
Step 1
Set the moment for determining the base for value added tax at the earliest of the dates: the day of shipment of goods or the day of their full or partial payment (paragraph 1 of Article 167 of the Tax Code of the Russian Federation).
Step 2
Calculate the proceeds from the sale of goods, summing up all incomes that are associated with payments for this product (paragraph 2 of Article 153 of the Tax Code of the Russian Federation). Revenue is determined based on the prices (including excise taxes) established in the contract with the buyer. This figure will be the tax base for the sale of goods.
Step 3
Calculate the tax base upon receipt of payment or advance payment based on the amount of payment received. This amount includes value added tax. However, if goods are to be shipped with a production cycle longer than six months, or goods that are not taxable, VAT is not included in the tax base.
Step 4
Determine the value added tax rate. Goods can be taxed at rates of 0, 10 or 18 percent. The 0% rate applies to the goods listed in clause 1 of Article 164 of the Tax Code of the Russian Federation. At a rate of 10%, foodstuffs, goods for children, medical goods, goods related to education, science and culture are taxed. The rest of the goods are taxed at a rate of 18%.
Step 5
Calculate the amount of sales VAT charged to the buyer. To do this, multiply the amount of the taxable base by the corresponding rate of this tax. For example, the price of a sold product is 10,000 rubles. The amount of VAT charged to the buyer will be 10,000 rubles. × 18% = RUB 1,800 The cost of goods, including VAT, will be equal to 10,000 rubles. + 1 800 RUB = 11 800 p.
Step 6
Calculate the amount of VAT that must be charged upon receipt of an advance from the buyer, using the formulas:
- VAT = the amount of advance payment (partial payment) × 18/118, if the goods are taxed at a rate of 18%;
- VAT = the amount of advance payment (partial payment) × 10/110, if the goods are taxed at a rate of 10%.
For example, on account of forthcoming deliveries, an advance payment of 59,000 rubles was received, the goods are taxed at a rate of 18%. The amount of VAT will be equal to 59,000 x 18/118 = 9,000 rubles.
