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| This query is : Resolved
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Author : Anonymous
( Author )
02 June 2012
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hello, plz guide me in service tax and vat.i am ipcc student. i am going to attempt in nov2012.plz guide me in how to proceed in these chapters and the logic behind journal entries in vat.
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CA Harish Suwalka
( Expert )
05 June 2012
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focus on practice manual for practical problems of the taxation subject, and read a latest reference book like- TN manoharan etc. for concepts
: VAT:
vat paid on purchase is treated as an asset hence debited
purchase a/c debit
VAT ITC a/c debit
TO supplier
when sales is made, VAT is recievable from party and payble to dept.
party a/c debit
to sales
to VAT payble
in the end of month/qtr
the difference in both VAT a/c is settled and if vat payble is exceeds from ITC(input tax Credit) than this entry is passed for vat payment
vat payble a/c debit
to bank
to vat ITC a/c
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