Reversal of vat credit
This query is : Resolved
09 December 2011
How to compute the reversal of 2% credit of Input vat for the OGS Sale..?
Support reply with a practicle example.
Support reply with a practicle example.
10 December 2011
Take help of undermentioned examples----
(1) Reversal Input Tax Credit on Transfer
Select Reversal Input Tax Credit on Transfer in the Used for field
Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
(2) Reversal Input Tax Credit on Interstate Sales
Select Reversal Input Tax Credit on Interstate Sales in the Used for field
Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
(3) Reverse Credit on Goods Sold Other than Interstate Sales
Select Reverse Credit on Goods Sold Other than Interstate Sales in the Used for field
Debit: Indirect Expenses ledger (grouped under Indirect Expenses)
Credit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
(1) Reversal Input Tax Credit on Transfer
Select Reversal Input Tax Credit on Transfer in the Used for field
Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
(2) Reversal Input Tax Credit on Interstate Sales
Select Reversal Input Tax Credit on Interstate Sales in the Used for field
Debit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
(3) Reverse Credit on Goods Sold Other than Interstate Sales
Select Reverse Credit on Goods Sold Other than Interstate Sales in the Used for field
Debit: Indirect Expenses ledger (grouped under Indirect Expenses)
Credit: Purchase ledger (grouped under Purchase Accounts with VAT/ Tax Class – Purchases @ 1%, Purchases @ 4% and Purchases @ 12.5%)
Credit: Input VAT ledger (grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT/Tax Class – Input VAT @ 1%, Input VAT @ 4% and Input VAT @ 12.5%)
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