Suppose an entity has not received the entire sale proceeds from a customer on the last date of a particular month.Will that sales be included in the calculation of total sales tax liability for that particular month.
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Vat liability calculation
Replies (2)
Yes, liability arises as soon as the invoice is raised and it is to be paid before due date
| Originally posted by : Pranjal | ||
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Suppose an entity has not received the entire sale proceeds from a customer on the last date of a particular month.Will that sales be included in the calculation of total sales tax liability for that particular month. |  |
As we know we do accounting on accural basis.the same rule is followed for Vat liability.Therefore the liability for Vat is arises as soon as invoices is raised or payment is receipt which is earlier. So its irrelevent whether payment is received or not later
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