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Dvat on closing stock

Mb (25 Points)

10 May 2007

if any dealer having stock on 31-3-2006 of Rs. 150000.00 they have to deposit tax on it or not.... and according his return of 31-3-2006 ... he have to taking refund ...

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2 Replies

Shankar (58 Points)
Replied 10 May 2007

friend
even thought i not much know about dvat, but if y go throguth logical way in mvat then u easily know the answer.

unless y book the entry in purchase no effect in closing stock . so if recorded such stock in purchase it already cover tax in invoice it it has . other wise no tax .
in such situation your stock should be shown on cost in current assets while vat should shown under deposits in current assets. and claim refund in your return.

any other qurery
free to mail
shankar

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if any dealer having stocks on 31.03.2006 of Rs.150000 they have to not deposit tax to govt. and not a refund by Govt.

Originally posted by :Mb
"	if any dealer having stock on 31-3-2006 of Rs. 150000.00 they have to deposit tax on it or not.... and according his return of 31-3-2006 ... he have to taking refund ...	"