VAT-20 RETURN PUNJAB ACT
This query is : Resolved
13 November 2009
Dear Sir,
if we have balance itc b/f 1st Qtr retrn to 2nd Qtr return by short amount.
then how can we adustthe that amount in vat-20 under punjab act.
suppose Itc of 1st Qtr Rs.50000.00
and c/f to 2nd Return.Rs.45000.00
shot by Rs.5000.00
in 3rd and 4th Qtr Return.
what is the adjustment in vat-20.
plz reply sir it is urgent.
if we have balance itc b/f 1st Qtr retrn to 2nd Qtr return by short amount.
then how can we adustthe that amount in vat-20 under punjab act.
suppose Itc of 1st Qtr Rs.50000.00
and c/f to 2nd Return.Rs.45000.00
shot by Rs.5000.00
in 3rd and 4th Qtr Return.
what is the adjustment in vat-20.
plz reply sir it is urgent.
14 November 2009
You have to file Vat 20 as per return already filed with VAT deptt. while showing the difference of ITC per Books and Per Vat returns , but to consolidate you have to carry forward the itc balance in vat return for next year as per books of accounts leaving the carry forward diff.in that perticular period to justify it when assesment done.
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