Treatment of VAT Deposit
This query is : Resolved
NIKIT SHETH
(Querist)
13 January 2011
Rs. 25,000/- needs to be paid as VAT Deposit during the registration under MVAT Act, Credit of which is available to set-off against VAT Payable. My Query is how to show the payment of Rs. 25,000/- in VAT Audit Report?
C.A.Javid Patel
(Expert)
13 January 2011
You have to show this details two side in the Audit Report. One in the payment details giving full details of Challan No. and challan details and Second on the Input Credit Details. In the comments you can write that this is a vat deposit.
NIKIT SHETH
(Querist)
13 January 2011
So Whether it needs to be shown in Annexure A as Challan Payment rather than Original or Revised in the option type of return and then in part 1 in option Any other Add/Less.
C.A.Javid Patel
(Expert)
13 January 2011
yes exactly
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