input vat 90% is elizible
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 July 2011
sir
my purchases are 14.50% we are adjusting input vat 14.50% . recently some body said that is wrong 90% of value is elizible . is it corret incase correct diff 10% input value entry which ledger we pass.
in purchase entry we are giving as per
purchase of spares Dr. 100
input vat Dr. 14.50/-
TO vendor account 114.50/-
BUT 90% INPUT ELIGIBILITY WHAT IS THE ENTRY WILL YOU GIVE SUGGESTION BECASUE THIS MONTH WE ARE STRUGGLING TO PAY THIS AMOUNT.
WAITING FOR YOUR REPLY
B.NAGENDRA VARA PRASAD
my purchases are 14.50% we are adjusting input vat 14.50% . recently some body said that is wrong 90% of value is elizible . is it corret incase correct diff 10% input value entry which ledger we pass.
in purchase entry we are giving as per
purchase of spares Dr. 100
input vat Dr. 14.50/-
TO vendor account 114.50/-
BUT 90% INPUT ELIGIBILITY WHAT IS THE ENTRY WILL YOU GIVE SUGGESTION BECASUE THIS MONTH WE ARE STRUGGLING TO PAY THIS AMOUNT.
WAITING FOR YOUR REPLY
B.NAGENDRA VARA PRASAD
U S Sharma
(Expert)
14 July 2011
100% credit is eligible , there is no such rule for 90% ......if you still have doubt visit PRO of your vat office.
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