Accounting treatment of goods given by way of gift (mvat)
This query is : Resolved
13 December 2011
What would be the accounting treatment of the goods given by a dealer by way of gift to any person or relative??
Whether VAT would be chargeable on that gift amount???
Whether VAT would be chargeable on that gift amount???
MJ Krishnamurthy
(Expert)
14 December 2011
Mr. Ganu,
Generlly,gifts are not taken into account as any purchase.They are left to the individuals to whom they are given.No question of VAT on them because they are given free of cost......MJK
Generlly,gifts are not taken into account as any purchase.They are left to the individuals to whom they are given.No question of VAT on them because they are given free of cost......MJK
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