Accounting treatment for vat refund receiveable
This query is : Resolved
Guest
Guest
(Querist)
19 August 2011
i Being construction company (Joint venture)have paid VAT at the time of purchase of Raw material.....by my sale being flats for which i do not collect vat.....
that means vat that i had paid at the time of purchase of Raw material should be refunded to me... and i should record VAT refund receivable on the Asset side.....where should i give my second effect??
that means vat that i had paid at the time of purchase of Raw material should be refunded to me... and i should record VAT refund receivable on the Asset side.....where should i give my second effect??
25 August 2011
since your output not attract VAT,you are not eligible to take input VAT, account as purchase expenses only vat portion also
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