Capital goods input vat availing
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2014
sir, pls rectify that the capital goods of rs.100000/- the inputvat @5% of Rs.5000/-, my question is in vat act Rs.2500/- for the first year and remaining of Rs.2500/- will be availed the next year what is the entries for the above issuie in tally(input vat adjustable entries)
08 September 2014
Capital good Dr...................100000
Vat Input@5%......................5000
To Vendor..............................105000
Vendor Dr.......................105000
To Bank................................105000
In 1st year:-(Suppose Vat output=10000)
Vat output Dr..................10000
To Vat Input.........................2500
To Vat Payable.....................7500
In 2nd year (Suppose Vat output=12000)
Vat Output Dr....................12000
To Vat Input Dr........................2500
To Vat payable.........................9500
In nutshell i just want to say avail 50% input in 1st year and the remaining balance will stand as it is in the head vat input in 2nd year avail the remaining balance.
Vat Input@5%......................5000
To Vendor..............................105000
Vendor Dr.......................105000
To Bank................................105000
In 1st year:-(Suppose Vat output=10000)
Vat output Dr..................10000
To Vat Input.........................2500
To Vat Payable.....................7500
In 2nd year (Suppose Vat output=12000)
Vat Output Dr....................12000
To Vat Input Dr........................2500
To Vat payable.........................9500
In nutshell i just want to say avail 50% input in 1st year and the remaining balance will stand as it is in the head vat input in 2nd year avail the remaining balance.
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