Input VAT
Querist : Anonymous
E.g.: Cost of a product Rs.400
VAT Input @12.5% i.e. Rs.50
Selling Price Rs. 480
VAT Output @12.5% i.e. Rs.60
Please explain how VAT Input of Rs.50 reflect or effect in the Trading & profit & Loss A/C and what is my Gross Profit ?
Thank you for responding Advance.
Regards,
Shashi
but if your payable amount is more than your input amount, then the excess payable would be your expense and shall be shown in Trading & P&L account.
Querist : Anonymous
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