01-11-2010, 08:21 PM
Dear All,
A Company pays sales tax to the suppliers and collects sales tax from its customers.
There is a case that the company made some purchases on which sales tax was paid by the Company. After this the operation of the company closed and purchased supplies could not be used in production process and spoiled.
Please answer if a company is a non-going concern, whether in above case sales tax would be refundable???? Please answer with reference (if possible).
Regards,
*
A Company pays sales tax to the suppliers and collects sales tax from its customers.
There is a case that the company made some purchases on which sales tax was paid by the Company. After this the operation of the company closed and purchased supplies could not be used in production process and spoiled.
Please answer if a company is a non-going concern, whether in above case sales tax would be refundable???? Please answer with reference (if possible).
Regards,
*
