Vat on closing stock

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28 Points Joined March 2007

Hello friends

I want to know the effect of vat on closing stock. whether any material available on that.

 

Regards

Vkshah

 

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On 30 May 2007 at 05:46 Report
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Chartered Accountant
8724 Points Joined May 2007
u need to go through the guidence note issued by thw ICAI ON IT
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On 30 May 2007 at 05:49
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proprietor
72 Points Joined May 2007
VAT ON CLOSING STOCK AMOUNT TO BE CREDITED IN 01.01.2007 IN PURCHASE ACCOUNT ONLY. (FOR INPUT TAX PURPOSE)
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On 15 June 2007 at 01:54
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ca student
112 Points Joined June 2007
The Vat treatment it may be already given at the time of purchase only. So the closing stock is already get affected.
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On 08 September 2007 at 17:44
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professional
58 Points Joined August 2007
vat should not be included in closing stock. if your purchases is excluded vat
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On 17 September 2007 at 19:24
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Finance Manager-India
251 Points Joined July 2007
Vat is already included in the stock.
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On 19 September 2007 at 16:12


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