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Vat reverse
Dear sir plz tell me if input vat and out vat both are mentioned on duties & taxes (current liablilties) . So why we Dr to out vat & cr to input vat at the time of vat refundable entry plz help and tell me one thing more can we put input vat under current assests?
Replies (4)
- You must be referring to softwares like Tally wherein this method is adopted
- If yes, input and output VAT are mentioned under duties & taxes for ease of accounting (i.e. software demands them to be so for ease of accounting and report generation)
- However, the right group under which input vat can be classified for the purpose of balance sheet is under other current assets.
- However, for the sake of accounting and report generation, you may opt for the method available in the software.
Thanks
Poornima, is t right to group the CST 2% (purchase) in duties and taxes, as the same is part and parcel of Purchases?
I think it is better to group under Purchase account rather than duties & taxes. But software (like Tally) is quite confusing when it comes to such transactions I think.
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