Evaporation loss in vat return
This query is : Resolved
04 January 2025
where to show petrol pump eveporation loss in VAT form under gujarat vat act. How to make accounting entries in tally prime for evaporation loss?
05 January 2025
The evaporation loss would typically not be included in the output VAT because the product was never sold.
However, you need to adjust the stock position to reflect the evaporation loss, which would indirectly impact your input VAT credit (on stock).
Any purchase of fuel will be recorded normally, but you must ensure the loss is deducted from the closing stock to adjust for the actual stock level.
However, you need to adjust the stock position to reflect the evaporation loss, which would indirectly impact your input VAT credit (on stock).
Any purchase of fuel will be recorded normally, but you must ensure the loss is deducted from the closing stock to adjust for the actual stock level.
05 January 2025
In Gujarat VAT, you will generally show:
VAT Payable on the sale of petrol, diesel, etc., based on the amount sold.
Input VAT credit on the purchase of petrol, diesel, etc., will be claimed normally, subject to the availability of stock and proper documentation.
This is more of an inventory loss, so ensure it is accounted for in the stock registers. No specific VAT entry is needed for evaporation loss in the VAT return.
VAT Payable on the sale of petrol, diesel, etc., based on the amount sold.
Input VAT credit on the purchase of petrol, diesel, etc., will be claimed normally, subject to the availability of stock and proper documentation.
This is more of an inventory loss, so ensure it is accounted for in the stock registers. No specific VAT entry is needed for evaporation loss in the VAT return.
05 January 2025
In Tally Prime, evaporation loss would typically be treated as an inventory loss, and it is handled under the stock item adjustments. Here’s how you can make the accounting entries:
Stock Adjustment Entry for Evaporation Loss:
You need to create an inventory adjustment entry for the evaporation loss, where the stock of the product is reduced.
Entry for Evaporation Loss:
Debit: Evaporation Loss (an expense account or a loss account)
Credit: Fuel Stock (the relevant stock account, such as Petrol, Diesel, etc.)
Stock Adjustment Entry for Evaporation Loss:
You need to create an inventory adjustment entry for the evaporation loss, where the stock of the product is reduced.
Entry for Evaporation Loss:
Debit: Evaporation Loss (an expense account or a loss account)
Credit: Fuel Stock (the relevant stock account, such as Petrol, Diesel, etc.)
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05 January 2025
ok...Thank you for your . this is helpful
05 January 2025
You are welcome.
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