Urd purchase
This query is : Resolved
04 November 2013
what will be the accounting entries for urd purchase?
04 November 2013
Dr: Purchase
Cr: VAT payble (URD)
Cr: Creditors (supplier)
Cr: VAT payble (URD)
Cr: Creditors (supplier)
04 November 2013
Purchases from unregistered dealer is not eligible for input tax credit though he is within threshold limit,
Purchases A/c [with full amount] Dr.
To Supplier A/c
Also, correct me if i am wrong
Purchases A/c [with full amount] Dr.
To Supplier A/c
Also, correct me if i am wrong
04 November 2013
Hi
Please read my entry carefully
I am not taken any input. while doing purchase from URD. the vat liability arises on buyer. so buyer has to create VAT liability and pay to department. so I given the credit effect only
Please read my entry carefully
I am not taken any input. while doing purchase from URD. the vat liability arises on buyer. so buyer has to create VAT liability and pay to department. so I given the credit effect only
04 November 2013
I think Rahul's entry is more appropriate
if you purchase goods from URD, you should include the vat amount on purchase amount.
if you purchase goods from URD, you should include the vat amount on purchase amount.
04 November 2013
Yes, Whenever goods are purchased from unregistered dealer,tax burden is added to the purchases cost of particular goods as the ITC is not available.
Note: ITC = Input Tax Credit
Note: ITC = Input Tax Credit
05 November 2013
Purchase Dr to creditor cr. In Gujarat no vat is payable on urd purshase so no entry to be pass for vat but if vat is payable in other state on urd purchase entry for vat is input vat Dr to vat payable account and such vat is also eligible for credit
05 November 2013
Agree with Experts,
VAT credit in case if URD purchase is not allowed..
However, Such VAT on purchase will be considered as the part of the cost as such isn't refundable...
VAT credit in case if URD purchase is not allowed..
However, Such VAT on purchase will be considered as the part of the cost as such isn't refundable...
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