Allowance of Sales Tax
This query is : Resolved
16 May 2010
If VAT amount is paid in time every month and also along with that VAT return is filed in time, then is the VAT amount paid allowed as expense in the P&L A/c?
Thanks,
Regards
Devendra
Thanks,
Regards
Devendra
16 May 2010
yes it can be claimed, if u r nt claiming vat credit.
Ram Avtar Singh
(Expert)
16 May 2010
Vat libility paid in relevent month and return filed with department. capter close. its your legale libility to pay vat on sale after adjustment of input vat credit taken on purchase.
Its not your exps.
its your libility.
if you are not credit taken input vat of purchase it will be your purchase cost.
Its not your exps.
its your libility.
if you are not credit taken input vat of purchase it will be your purchase cost.
CMA Arif Farooqui
(Expert)
21 May 2010
agreed
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