VAT on Sales sec 115 BAA of the IT Act
This query is : Resolved
05 November 2022
Is it required to add VAT component in gross turnover u/s 115 BAA of the IT Act,1961
05 November 2022
No. GST is collected on behalf of Government, as such it is not included in P&L acc. And hence, it is not part of income for calculation of tax liability u/s. 115BAA of IT act.
05 November 2022
Sir, i want to know whether VAT has to be added in Gross Turnover u/s 115BAA of the IT Act, not asked about the GST treatment
05 November 2022
On which item Vat is collected? Isn't it paid back to treasury?
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