Service tax and vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2012
hello, plz guide me in service tax and vat.i am ipcc student. i am going to attempt in nov2012.plz guide me in how to proceed in these chapters and the logic behind journal entries in vat.
CA Harish Suwalka
(Expert)
05 June 2012
focus on practice manual for practical problems of the taxation subject, and read a latest reference book like- TN manoharan etc. for concepts
: VAT:
vat paid on purchase is treated as an asset hence debited
purchase a/c debit
VAT ITC a/c debit
TO supplier
when sales is made, VAT is recievable from party and payble to dept.
party a/c debit
to sales
to VAT payble
in the end of month/qtr
the difference in both VAT a/c is settled and if vat payble is exceeds from ITC(input tax Credit) than this entry is passed for vat payment
vat payble a/c debit
to bank
to vat ITC a/c
: VAT:
vat paid on purchase is treated as an asset hence debited
purchase a/c debit
VAT ITC a/c debit
TO supplier
when sales is made, VAT is recievable from party and payble to dept.
party a/c debit
to sales
to VAT payble
in the end of month/qtr
the difference in both VAT a/c is settled and if vat payble is exceeds from ITC(input tax Credit) than this entry is passed for vat payment
vat payble a/c debit
to bank
to vat ITC a/c
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
