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vat paid on purchase is it comes on direct expenses or
indirect expenses
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Answer Posted / h.r. sreepada bhagi
VAT paid on purchase is neither Direct Expense nor Indirect
Expense.
Since the purchaser is entitled for VAT credit, till the
credit is availed (Adjusted to VAT payable on sales) it
appears under Current Assets, Loans & Advances.
In case of VAT on purchase of input credit restricted items,
then the amount can be debited to the concerned purchase a/c
(In this case since VAT credit is not available, it will
increase the cost of goods purchased by VAT amount)
| Is This Answer Correct ? | 21 Yes | 1 No |
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