WHICH PURCHASES OR WHICH SALES ARE TO BE CONSIDERED AS VAT INPUTS/PURCHASES&OUTPUT/SALES TO SUBMIT VAT RETURNS OF AP OR BANGALORE WHATEVER STATE MAY BE. PLEASE CLARIFY ME. SMALL PURCHASES ALSO WE GET BILL BUT WE SHOWN IT AS EXPENDITURE WHY?
08 August 2011
Mr.PV Srikanth, Taxes paid on all purchaases made for resale,whether local,interstate or export or used as raw material for manufacturing or contract can be taken as input.Taxes liable to be paid(whether collected or not)on all taxable sales,local or interstate form the output tax.The size of a transaction does not matter,the purpose for which done is important. MJK
CAclubindia
