Allowance of Sales Tax

This query is : Resolved

Devendra (Querist)
Follow

16 May 2010 If VAT amount is paid in time every month and also along with that VAT return is filed in time, then is the VAT amount paid allowed as expense in the P&L A/c?

Thanks,
Regards
Devendra

Nischint Kumar Somani

Nischint Kumar Somani (Expert)
Follow

16 May 2010 yes it can be claimed, if u r nt claiming vat credit.

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

16 May 2010 Vat libility paid in relevent month and return filed with department. capter close. its your legale libility to pay vat on sale after adjustment of input vat credit taken on purchase.

Its not your exps.
its your libility.

if you are not credit taken input vat of purchase it will be your purchase cost.

Upgrade to CAclubindia Pro. Subscribe Now!