what is nagetive vat.
4 Replies
C.A ARPAN BANSAL
(PARTNER)
(29 Points)
Replied 07 August 2011
WHEN INPUT VAT CREDIT IS MORE THAN THE OUTPUT TAX THEN IT IS SOME TIMES CALLED VAT.. WHICH IS TO BE SET OFF FROM CST AND ANY SURPLUS IS BROUGHT FORWARD TO NEXT YEAR
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 08 August 2011
Negative list means "List of goods on which Input vat credit is not available"
Regards
Dayananda
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