Vat
This query is : Resolved
Chintan Patel
(Querist)
26 December 2012
Is VAT added to purchases account and will it be taken into consideration for valuing closing stock?
-THANKING YOU IN ADVANCE
-THANKING YOU IN ADVANCE
CA Sourabh Agarwal
(Expert)
26 December 2012
If you wish to avail Input Vat Credit, debit it to separate account. It is never added in closing stock. VAT is on sale of goods.
Chintan Patel
(Querist)
27 December 2012
So,it is not added to purchases,is it?
If the firms add it to the purchases,then the VAT paid for purchasing those goods must be taken into consideration for valuing closing stock,right?Please correct me if I am wrong.
-thank you SIR...
If the firms add it to the purchases,then the VAT paid for purchasing those goods must be taken into consideration for valuing closing stock,right?Please correct me if I am wrong.
-thank you SIR...
CA Sourabh Agarwal
(Expert)
27 December 2012
If the same is not available as input credit or if assessee does not wish to avail such credit, then it can be added to the cost.
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