Hello Sir/Madam,
Can any one please tell me that whether vat liability arises on the token money taken by a builder or they have to wait for the agreeement??
Dolly Jain (CA JOB) (142 Points)
21 January 2014Hello Sir/Madam,
Can any one please tell me that whether vat liability arises on the token money taken by a builder or they have to wait for the agreeement??
RAJU
(LEARNER)
(1089 Points)
Replied 21 January 2014
This depends on the State Laws. Some states do have the concept of `Time of Sale` wherein the liability would arise even on receipt of advance.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
