Adjustment of VAT On stocks in DVAT 16
Querist : Anonymous
VAT on Op. Stock -
VAT on Purchases made during a month 100 10 1,000 5% 50
VAT on Cl. Stock 50 10 500 5% 25
VAT on Materials Sold (50%) 50 11 550 5% 28
VAT Payable 28
VAT Input, available for adjustment 25
Net VAT Payable 3
Querist : Anonymous
Still more clarification is required as under:Suppose-
Qty Rate Value Vat Vat Amount
Pur. 1000 10/ 10000/ 5% 500/
Sold 700 10/ 7000/ 5% 385/
Opg.St 100 9/ 900/ 5% 45/
Clg.St 400 10/ 4000/ 5% 200/
In Form DVAT 16
Col R 5.2 Output Vat 385/
Col.R 6.2 (3) Input Vat 500/
Col.R 6.4 Adj of Tax Vat -155/
Vat Opg 45/
Vat Clg 200/
Net Decrease 155/
Net payable Vat 40/
Pls. Confirm the presentation is correct.
Pls. also confirm what is the diff. between Col. A 3.1 Tax Credit C/F and
Col A 3.17 Opening Stock
With Best Reagrds
K.K.Agrawal
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