If output vat collected is 1000
input vat paid 600 out of which 100 relates to mvat on materials
lying in closing stock as on last day of the month.
monthly mvat liability is 1000-600 or 500??
is mvat calculated on billing or collection basis??
Output VAT Payable is INR 400.
Vat Payble is 400/-
Vat is calculated on billing & Booking of purchases basis of the specific month
Open Co Consulting LLP
New Delhi
B.Com
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Karia Overseas
Ahmedabad
CA
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