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Answer Posted / h.r. sreepada bhagi
VAT charged in the Tax Invoice is a liability to the Seller
as the amount should be remitted to the Government. It's an
Asset to the buyer,as he's entitled for setting it off
against VAT liability on his sales. At the end of the month
VAT on Sales and Purchases can be adjusted against each
other and if VAT on Purchase is more than VAT on sales
during that month, it will appear as 'Input VAT Credit'
under 'Current Assets, Loans & Advances' & if VAT on Sales
is more than VAT on Purchases, it will appear as 'VAT
Payable' under Current Liabilities & Provisions in the
Balance Sheet.
| Is This Answer Correct ? | 53 Yes | 1 No |
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