carryforward of vat
This query is : Resolved
27 May 2008
hi friends iwant a small information regarding vat tretment.
vat input is more than vat out put and iwant to carry forward vat amount. so how should i pass an entry so that i can carry forward vat input amount to next month.
vat input is more than vat out put and iwant to carry forward vat amount. so how should i pass an entry so that i can carry forward vat input amount to next month.
Jayant Tathe
(Expert)
27 May 2008
If your Vat Input is more than Vat Output than make following entry - :
SUPPOSE YOUR VAT OUTPUT IS RS. 20000 & VAT INPUT IS RS. 25000
YOU CAN PASS FOLLOWING ENTRY
VAT OUTPUT A/C DR. 20000.00
VAT INPUT A/C CR. 20000.00
YOUR VAT INPUT A/C SHOWS RS. 5000.OO DR.BALANCE
YOU CAN TAKE CREDIT OF VAT INPUT IN YOUR NEXT MONTH RETURN
SUPPOSE YOUR VAT OUTPUT IS RS. 20000 & VAT INPUT IS RS. 25000
YOU CAN PASS FOLLOWING ENTRY
VAT OUTPUT A/C DR. 20000.00
VAT INPUT A/C CR. 20000.00
YOUR VAT INPUT A/C SHOWS RS. 5000.OO DR.BALANCE
YOU CAN TAKE CREDIT OF VAT INPUT IN YOUR NEXT MONTH RETURN
CA. O.P. Agarwalla
(Expert)
19 September 2008
VAT ITC can be carried forward to next month/ next year
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