I FIRM IS NOT COME UNDER VAT
BUT GETS BILL FROM THEIR SUPPLIER OF VAT
MY QUESTION IS R THEY SHOW THE VAT AS A INDIRECT EXPENSE IN P&L A/C
INSTATE OF CURRENT LIABILITY
Devendra
(Chartered Accountant)
(4775 Points)
Replied 19 March 2011
WHILE BOOKING THE EXPENSE, RECORD THE WHOLE AMOUNT IE. INCLUDE THE VAT AMOUNT IN THE EXPENDITURE.
FOR EG: PRINTING AND STATIONERY RS. 2500, VAT ON STATIONERY @ 5 % RS. 125 THEREFORE, EXPENSE TO BE BOOKED (2500+125= RS. 2625)
REGARDS,
DEVENDRA
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 20 March 2011
no need to book the vat amount in any special head,,whole amount comes under your expense/Purchase
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961