14 November 2009
hi.. pls. tell me about the following if a vat registered dealer purchases on tac invoice and he has only retail customers for sale than how the input vat is treated. weather the imput vat can be refunded because at the time of purchase we pay tax but we dont charge vat on retail invoice pls. tell me by the following eg.
purchase on tax invoice 100 add vat @4% 4 total 104
sale on retail invoce 100
in this case we have input vat but not output vat and if the input vat is not adjusted it will be accumulated and become a permnent part of our balance sheet
CAclubindia
