29 November 2012
Dear All, Please solve my problem, My question is that, 1-What is purchase tax and how is accounted in the books of registered dealer? 2-Suppose we are a registered dealer, and we purchase some items from unregistered dealer as per given Taxable goods – 10,000.00 Capital goods – 150,000.00 Unregistered dealer has not charged any tax, if they charge any tax, how it will be treated (i.e. what effect in trading A/C) in both ways? Please give response. Thanking you, Mr. Shafi Ahmad