vat
This query is : Resolved
19 October 2010
if profit added by the buyer to resell the goods is as a % of cost price to him ,then the vat paid by him should be included in the cost price???? or
the cost for adding th eprofit will be excluding vat paid??
the cost for adding th eprofit will be excluding vat paid??
19 October 2010
it should be the Selling price. that means inclusive of profit.
19 October 2010
If you are claiming input tax credit for the vat paid for the purchases, then for determining the selling price of the product ,the cost may be adopted as "the purchase cost excluding VAT paid".
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