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)
CA Parul Saxena
(Expert)
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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