accounting
This query is : Resolved
DHAVAL BHOJANI
(Querist)
13 May 2009
Can anyone please guide me how to make Vat entry during purchase and sales. ?How to make service tax entry during sellin of service and taking input service.? Our client is Hotel so luxury tax would be leviable so what will be its %.? Morever the vat and service tax would be levieable on gross amount after luxury tax? Please guide. Thanku for ur cooperation.
Jiwan singh
(Expert)
13 May 2009
VAT ENTRIES :-
1- Purchase raw material within state
Purchase raw material DR 100
ITC on vat DR 4
TO Supplier 104
2- Sales of Finished goods Within state
Debtor DR 520
Sales CR 500
VAT Payable CR 20
3-VAT Adjustmen
VAT Payable DR 20
ITC on VAT cr 4
Bank cr 16
SERVICE TAX ENTRIES :-
1- Import exp. DR 100
Service tax recoverable DR 10
A CR 110
2-Excise duty/Service tax payable DR 100
Service tax recoverable CR 10
Bank CR 90
1- Purchase raw material within state
Purchase raw material DR 100
ITC on vat DR 4
TO Supplier 104
2- Sales of Finished goods Within state
Debtor DR 520
Sales CR 500
VAT Payable CR 20
3-VAT Adjustmen
VAT Payable DR 20
ITC on VAT cr 4
Bank cr 16
SERVICE TAX ENTRIES :-
1- Import exp. DR 100
Service tax recoverable DR 10
A CR 110
2-Excise duty/Service tax payable DR 100
Service tax recoverable CR 10
Bank CR 90
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