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.
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
19 September 2008
VAT ITC can be carried forward to next month/ next year
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