VAT on Closing Stock
This query is : Resolved
Practicing CA
(Querist)
19 December 2008
While calculating the liability for a partiular tax period we take set off of taxes paid on purchases. But whether we have to consider stock factor while calculating set off
ie whether
Set off available = Tax paid On (Op st + Purchases - Cl Stock)
or
Set off available = Tax paid on Purchases
ie whether
Set off available = Tax paid On (Op st + Purchases - Cl Stock)
or
Set off available = Tax paid on Purchases
Guest
Guest
(Expert)
19 December 2008
Set off available = Tax paid on Purchases
20 December 2008
exactly, the credit will be available same as taxes paid on purchases....
Message likes :
1 times
CA Parvin Ahuja
(Expert)
20 December 2008
Tax paid on opening stock is available only for the transition period and not as a regular feature otherwise you will have double benefit which is wrong. Secondly whenever you opt out of composition scheme you get benefit of set off of tax paid on stock available with you at that time.
Message likes :
1 times
11 February 2009
Yes set of available on purchases and while taking set off it is assumed that tax is paid by vendor on such purchases
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- TDS on purchase of under construction property from a reseller
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
