Vat input tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2013
Sir,
I need clarification regarding vat. Closing stock value multipled by rate of vat tax is equal to input tax amount for the year is it correct.
thx
I need clarification regarding vat. Closing stock value multipled by rate of vat tax is equal to input tax amount for the year is it correct.
thx
CA UMESH DULAL
(Expert)
01 November 2013
if you have not included vat on stock so it is correct
if you have included vat on stock, then
vlaue of stock/ (1-rate of vat*1/100)
if you have included vat on stock, then
vlaue of stock/ (1-rate of vat*1/100)
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