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whether VAT is an asset or liabilities?
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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 |
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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