Accounting treatment
This query is : Resolved
26 September 2012
A DEALER HAS PAID OUTPUT VAT TAX ON SALES . THE SALES ARE CREDIT BASIS. AFTER ONE OF DEBTOR BECAME INSOLVENT .THEN WHAT IS THE THE PORTION OF VAT PAID ON OUTPUT
HELP SENIORS
HELP SENIORS
27 September 2012
Whether assessee sold goods on credit or cash there will be liability to pay tax on sales. as debtor become insolvent but assessee will have to pay tax and can use input credit.
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