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.
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.
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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