14 July 2010
Thank u but if we look at annual report of reliance for 2009-10 VAT paid is debited to P & L ... it shows that closing stock is valued inclusive of VAT.... is my doubt correct...??
15 July 2010
well in that case i thinkthe VAT debited in pl would have been any type of penalty or interest paid under VAT because VAT is just collected & deposited so it cant become an expenditure in any case.
The closing stock can be valued including the VAT if entity is not availing any VAT input credit.
CAclubindia
