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Vat input tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2013 Sir,

I need clarification regarding vat. Closing stock value multipled by rate of vat tax is equal to input tax amount for the year is it correct.

thx
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
01 November 2013 if you have not included vat on stock so it is correct

if you have included vat on stock, then

vlaue of stock/ (1-rate of vat*1/100)

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