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Regarding VAT and service tax shown as expense in profit and loss in F.Y 2017-18 and F.Y 2018-19
I have come across one Financial statements of pvt. ltd company (Nature of business-construction of commercial building) for F.Y 2017-18 and F.Y 2018-19 where VAT and service tax shown as expense in profit and loss account as well as an amount of VAT and service tax in B/S. Why VAT and service tax shown if these are abolished after introduction of gst? Please guide.
Replies (2)
Yes it should written off /written back
VAT and Services tax Shown in balance sheet having debit balance is refundable from department or in future can be set off against assessment of VAT if Liability arise..
If any amount for which is refund not available or due to other reason not available for future, than it should be written off/back in profit and loss Account.
If any amount for which is refund not available or due to other reason not available for future, than it should be written off/back in profit and loss Account.
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