sales tax set off
This query is : Resolved
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
(Expert)
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.
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
(Expert)
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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