Hello friends
I want to know the effect of vat on closing stock. whether any material available on that.
Regards
Vkshah
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Vat on closing stock
Replies (5)
u need to go through the guidence note issued by thw ICAI ON IT
VAT ON CLOSING STOCK AMOUNT TO BE CREDITED IN 01.01.2007 IN PURCHASE ACCOUNT ONLY. (FOR INPUT TAX PURPOSE)
The Vat treatment it may be already given at the time of purchase only.
So the closing stock is already get affected.
vat should not be included in closing stock. if your purchases is excluded vat
Vat is already included in the stock.
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