Accounting entries for vat
This query is : Resolved
27 November 2011
Could anyone let me know the accounting treatment for VAT and CST.
Also difference between C forms and way bills
about the purpose of the above forms.
I would be Thank you for your valuable reply
Also difference between C forms and way bills
about the purpose of the above forms.
I would be Thank you for your valuable reply
28 November 2011
Form C is used when purchasing dealer want to avail concessional rate of tax however way bill is required to carry with vehicle during movement of goods from one state to another state or even within state on some case
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28 November 2011
Mr MV Reddy,
You are to have seperate ledger accounts for VAT paid on purchases and VAT collected on sales and paid to the department in the returns.Similarly for CST also. However, on this matter let some accounting experts answer your point.
Regrding the way bills,it is a statutory form of state VAT laws required to be used to accompany the goods in movement.Copies the way bill show details regrading consignor,consinee,purpose of movement ,details of goods suh as quantity,cost,descriptionetc,TIN nos dealers addresses etc.
'C' forms are issued by one registered dealer while buying goods at a concessional rate of tax from another registered daeler of another state.This also contains details such as invoice no,value, TIN nos etc. 'C' forms are issued by prescribed authority.
You are to have seperate ledger accounts for VAT paid on purchases and VAT collected on sales and paid to the department in the returns.Similarly for CST also. However, on this matter let some accounting experts answer your point.
Regrding the way bills,it is a statutory form of state VAT laws required to be used to accompany the goods in movement.Copies the way bill show details regrading consignor,consinee,purpose of movement ,details of goods suh as quantity,cost,descriptionetc,TIN nos dealers addresses etc.
'C' forms are issued by one registered dealer while buying goods at a concessional rate of tax from another registered daeler of another state.This also contains details such as invoice no,value, TIN nos etc. 'C' forms are issued by prescribed authority.
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02 December 2011
Create VAT output and VAT input and do CST same and do journal as per the requirement.
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