vat return
This query is : Resolved
18 April 2011
dear sir,
in our depot (suppplico) All the purchases during the month is treated to be sale in that month and output tax is paid on whatever we purchase.
But actually there are lot of closing stock held in our depot in each month.
is this method of vat assessment is correct?
in our depot (suppplico) All the purchases during the month is treated to be sale in that month and output tax is paid on whatever we purchase.
But actually there are lot of closing stock held in our depot in each month.
is this method of vat assessment is correct?
Kumar Babu.G
(Expert)
18 April 2011
This method of VAT assessment is not correct.VAT is an indirect tax not a direct tax means we have to collect from purchasers and have to remit it to government.
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