sales tax set off

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sachin (Querist)
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05 July 2008 can we take vat set off more than the laibility of sales tax and show the sales tax laibility as a debit balance in the books of account.

Satish K Sekhar.ACCA

Satish K Sekhar.ACCA (Expert)
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05 July 2008 The portion of unutilized input credit of Vat can be carried frwarded to the subsequent period and avial set-off against the liability of that period.

sachin

sachin (Querist)
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07 July 2008 ok but is it correct to show the sales tax acount with debit balance in any particular month.

Satish K Sekhar.ACCA

Satish K Sekhar.ACCA (Expert)
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08 July 2008 why sales tax account, open a ledger account un the name of Input VAT and every time the set-off is availed transfer that portion of set-off through a journal voucher.

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