VAT on Sales sec 115 BAA of the IT Act

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CA Sudeep Singh

CA Sudeep Singh (Querist)
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05 November 2022 Is it required to add VAT component in gross turnover u/s 115 BAA of the IT Act,1961

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

CA Sudeep Singh

CA Sudeep Singh (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 November 2022 On which item Vat is collected? Isn't it paid back to treasury?

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VAT on Sales sec 115 BAA of the IT Act

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