vat adjustment
This query is : Resolved
14 November 2009
hi..
pls. tell me about the following
if a vat registered dealer purchases on tac invoice and he has only retail customers for sale
than how the input vat is treated.
weather the imput vat can be refunded
because at the time of purchase we pay tax but we dont charge vat on retail invoice
pls. tell me by the following eg.
purchase on tax invoice 100
add vat @4% 4
total 104
sale on retail invoce 100
in this case we have input vat but not output vat
and if the input vat is not adjusted it will be accumulated and become a permnent part of our balance sheet
pls. tell me about the following
if a vat registered dealer purchases on tac invoice and he has only retail customers for sale
than how the input vat is treated.
weather the imput vat can be refunded
because at the time of purchase we pay tax but we dont charge vat on retail invoice
pls. tell me by the following eg.
purchase on tax invoice 100
add vat @4% 4
total 104
sale on retail invoce 100
in this case we have input vat but not output vat
and if the input vat is not adjusted it will be accumulated and become a permnent part of our balance sheet
14 November 2009
vat to charge on tax invoice and retail invoice also. your billing system is wrong. kindly go to your C.A. he will suggest you.
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