Upvat on yantra-spritual items

Manoj Kumar Karna (Querist) 17 April 2013 This query is : Resolved
Hi All,

Fact of the case-
One of my clients dealing in Spritual items i.e Yantra. Order has been received through telephone.Cost price of that product is suppose Rs.2500 all inclusive. Purchases cost of the said product is Rs.500 only.
We are adding 20 % of profit on cost of product i.e 600 and vat paying @ 14% on Rs.600.00. Balance Rs.1900(Rs.2500-Rs.600) is charging in Invoice as Pooja expenses receivable" Please advice if I am doing correct or not?

Thanks in advance
Manoj Karna

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