13 September 2012
IF A BUSINESS MAN HAS PAID EXCESS AMT OF VAT ... SHOULD THE EXCESS AMT BE DEBITED TO P&L???? IF NOT THAN WHAT WILL WE DO OF THE EXCESS AMOUNT??? PLZ CLEAR IT THANK U
13 September 2012
hi priyansh, there is VAT receivable and payable,it depends which method u following whether inclusive or exclusive method 2. if you pay more VAT than required you must be clear what r u asking,say you have VAT input of 10k and u asjust 5k on output,then 5k is shown in asset side
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