Vat reimbursment is income nd weather taxable
This query is : Resolved
06 October 2016
Sir I have an query Abc company located in goa supplying organic fertilizer all over india in every state to the warehouse of each state. EG: Abc supplying fertilizer to karnataka warehouse z firm, for supplying goods with same price not any additional price or profit.they will give only commission to the karnataka warehouse z. Warehouse need to distribute materials for whom they got order from abc.. And here suppose Abc given material to Z for rs 100 without c form and z will distribute the same material to anoop but z will collect vat, 95+5 vat =100 That 5rs vat is paid by z to karnataka govt.. After paying vat the same vat is reimbursed by main branch Abc.. Weather that vat reimbursement is income nd that is taxable..!!
CA Aman kesharwani
(Expert)
06 October 2016
no vat reimbursement is not and income..... sale would be booked @ 95, 5 Rs under output VAT and Reimbursement of Rs 5 will be booked as income.
Message likes :
1 times
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GST ITC as per notification 12/2023- central tax
- LLP audit and disclosure
- Capital Gains Tax on Inherited Mutual Fund
- Form 144 TDS Return Validation Error – Mandatory Fields
- Gift to nri relatives resides in usa
- GSTR9 Annual Return
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
