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Purchase

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(Querist)
29 June 2011 For Eg .. IF person purchases the goods RS 10,00,000 and vat paid for it is 40,000 and after manufacturing the product, when he sold the goods VAT is need not to be paid .. hence the finished good is exempt from tax .. then that vat paid on Purchase is to be included in Trading account or Profit And Loss account ..
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 June 2011 Yes it will be included and claimed as an expense.
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CA.S.KARTHIKEYAN

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CA.S.KARTHIKEYAN (Querist)
29 June 2011 Sir .. We have to included in trading or Profit & Loss Account
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
29 June 2011 Non refundable taxes need to be added to the cost of materials (Trading a/c only)
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