Vat
This query is : Resolved
CA Neelam Maheshwari
(Expert)
15 May 2015
Charge vat on gross amount.
For eg:
Material description Amount
Material A 5000
Material B 5000
Toatl 10000
VAT(rate depends on materail
or state)
assume 5% 500
Total amount 10500.
Party name Dr. 10500
To Sales 10000
To Output Vat 5% 500
For eg:
Material description Amount
Material A 5000
Material B 5000
Toatl 10000
VAT(rate depends on materail
or state)
assume 5% 500
Total amount 10500.
Party name Dr. 10500
To Sales 10000
To Output Vat 5% 500
15 May 2015
yea but i entered in F8
name of item qnty rate disc amount
so how to put vat in this?
should i book it this way or the way you said?
name of item qnty rate disc amount
so how to put vat in this?
should i book it this way or the way you said?
CA Neelam Maheshwari
(Expert)
15 May 2015
Name of item Qty * Rate = Gross amount
And then charge VAT on Gross amount.
And then charge VAT on Gross amount.
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