Hai,
Can I know what is the accounting treatment of VAT paid on inter state purchases?
Thanks in advance
Varsha Preman (Article) (82 Points)
17 May 2017Hai,
Can I know what is the accounting treatment of VAT paid on inter state purchases?
Thanks in advance
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 18 May 2017
Varsha Preman
(Article)
(82 Points)
Replied 18 May 2017
so is the VAT paid is considered as cost of purchases?
Tejas N Vora
(Tax Consultant)
(296 Points)
Replied 18 May 2017
Hello Varsha,
First of all Please note that In Inter State Transactgions Tax Levy is known as CST and not VAT. Yes CST paid is considered as cost of purchase.
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 18 May 2017
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