Excess input credit

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siva krishna (Querist)
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17 May 2011 Dear Experts,
In the month of march we have excess Input Vat Credit what is the J.E for the same on 31 st March and also tell me under group for respective ledger a/c's
Thanks in advance

U S Sharma

U S Sharma (Expert)
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17 May 2011 you have to claim the excess input credit as refund on 31-03-2011 or carry forward the same for next year.

the vat ledger in assets side ( deposit and advances "tax") would get credited with the excess input credit.