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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??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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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