Opening VAT Payable Adjustment

Gurmet Siingh (Chartered Accountant) (413 Points)

25 June 2009  

I m auditing the accounts of a company.

I saw that the company  has Opening VAT & CST payable for the last year.

Can the company adjust this amount payable with the Input Tax for the next year  or it has to pay the amount?

Opening Vat Payable(2007-08)    20,000

Input Credit for next year(2008-09)   80,000

Thx