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rule 53 of mvat

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(Querist)
13 May 2009 I want to know how to calculate set off against rule 53 of mvat.

kindly also give me the formules for the same as soon as possible
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C.A.Javid Patel

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C.A.Javid Patel (Expert)
13 May 2009 in rule 53 certain reduction to be made for setoff. There is no specific rule for reduction. You have to deduct 3 %. so your journal entry will be

if you have made purchase of Rs. 100 and vat is Rs. 12.5 which are eligible for reduction of 3% then your entry will be

1. purchase a/c 103 (100+ reduction of 3)
vat setoff 9.50
to creditor 112.5
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