In a construction industry can we sett off VAT input against VAT charged on advance payment (VAT Out put)

asked Nov 8, 2017 in VAT by anonymous
In construction project we bought forward input tax on purchases in the project initial period since there is no progress invoicing. Once we do invoicing for advance payment we collect VAT from the customer. Can we set off above said bought forward input tax against the advance payment VAT collected. (Out put tax).
Otherwise we need to fully paid the VAT received on advance and later set off the bought forward input tax against progress invoices out put tax.

Your answer

Your name to display (optional):
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.
Search Forum

Welcome to Lanka Tax Forum, where you can ask questions and receive answers from other members of the community. Although no registration is required to ask questions or provide answers, we kindly request you to take few seconds to get registered as a member.
...