whether VAT is an asset or liabilities?

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whether VAT is an asset or liabilities?..

Answer / kirti ranjan acharya

Definitely It is both an asset and liability. but it can b
define in this way as When it is being collected from
party who is purchasing goods it becomes liability for
selling party and it becomes asset for purchaser.

Is This Answer Correct ?    1 Yes 0 No

whether VAT is an asset or liabilities?..

Answer / hemant dubey

Vat is the part of liabilites always it shown in the side
of Duties & Taxes
Whatever we collect from the parties we have to pay that to
government .
So it is one types of Duty aries with us .

Is This Answer Correct ?    1 Yes 10 No

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