PURCHASES FROM VAT DEALER
This query is : Resolved
19 September 2009
DEAR SIR/ MADAM
AN ASSESSEE PURCHASED FROM VAT DEALER AND SAME STOCK SOLD OUT OF STATE IN THIS CASE
1. ASSESSEE IS BROUGHT FORWARD OF VAT INPUT IN BALANCE SHEET (OR)
2. VAT INPUT SHOWN IN P&L A/C.
3. CST 2% AND CST 4% IS SET OF WITH VAT INPUT A/C
PLEASE TELL
THANKS IN ADVANCE
AN ASSESSEE PURCHASED FROM VAT DEALER AND SAME STOCK SOLD OUT OF STATE IN THIS CASE
1. ASSESSEE IS BROUGHT FORWARD OF VAT INPUT IN BALANCE SHEET (OR)
2. VAT INPUT SHOWN IN P&L A/C.
3. CST 2% AND CST 4% IS SET OF WITH VAT INPUT A/C
PLEASE TELL
THANKS IN ADVANCE
19 September 2009
First of all, VAT Input will be used for set off against CST 2% and CST 4% liability and if any excess VAT Input is left, then that is to be shown in Balance Sheet under Loans and Advances (Current Assets).
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