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Accounting entry

This query is : Resolved 

14 April 2012 Plz help

Vat reversal entry of the same

14 April 2012 VAT cannot be reversed. If u have any output VAT liability, set off against it, else charge off.

14 April 2012 but Sit you have to pay or reverse the vat credit on purchase already taken

14 April 2012 Didnt understand ur query.

14 April 2012 Sir, when medicines are expired then u have to destroy them and the sales tax authorities do not allow you to take the input on purchase then we have to reverse the Vat Input. So i want to know the vat reversal Entry

14 April 2012 Rates and taxes A/c Dr
To VAT input credit.
(Being VAT input credit on goods destroyed reversed.)

14 April 2012 Thanks sir


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