Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / tax beginner
VAT (Value Added Tax) applicable on Company’s Sales is its
liability since Company have to remit the same to
Government as Taxes on Monthly/Quarterly/Yearly Basis
(Return cum payment). A company can always pass the Burden
of this tax onto its customer by way of including it in its
Net Sales price. While making payment to Government a
company can avail setoff (reduce from VAT liability) for
the VAT paid by it for the purchases which go in to
production and ultimately gets converted into saleable
product. Thus the Eligible Input Tax Credit (Setoff) is an
Asset to a Company and gets reduced from its VAT Liability
to the Government. In Balance sheet it can be shown in
Current Asset and gets reduced/knocked off/reversed as and
when VAT Liability is discharged by making necessary
entries in Books of Accounts.
| Is This Answer Correct ? | 19 Yes | 1 No |
Post New Answer View All Answers
Explain the importance of evaluating an internal audit department?
Define vouching?
Explain the importance of internal audit to the organization?
What do you find the most challenging in Accpuntant role
1.tell me five points of check list of an audit. 2.what do you checking in statutory audit.five main points. 3.what do you checking in internal audit five main points. 4.which five major points checking according to caro.
Explain the different advantages and disadvantages of internal audit?
Explain different functions of internal audit?
Explain tangible assets?
What are the different types of audits?
What is the mean of statutory audit?
What are the importance of internal audit to the organization?
HOW TO DO LEDGER SCRUTINY?
Would you consider alternative vacancies if so which:
central excise all question
what audit procedure i can do in the share capital account of a company and why it have been apply?
