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Reversal of vat credit (VAT)

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This query is : Resolved



( Author )
09 December 2011

How to compute the reversal of 2% credit of Input vat for the OGS Sale..?

Support reply with a practicle example.


anurag

( Expert )
10 December 2011

Take help of undermentioned examples----
(1) Reversal Input Tax Credit on Transfer

Select Reversal Input Tax Credit on Transfer in the Used for field

Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)

Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)

(2) Reversal Input Tax Credit on Interstate Sales

Select Reversal Input Tax Credit on Interstate Sales in the Used for field

Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)

Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)

(3) Reverse Credit on Goods Sold Other than Interstate Sales

Select Reverse Credit on Goods Sold Other than Interstate Sales in the Used for field

Debit: Indirect Expenses ledger (grouped under Indirect Expenses)

Credit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)

Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)


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