vat
This query is : Resolved
Aijaz Khan
(Querist)
12 November 2009
sir, i am working in logistics company i would like to know how to post an entry in tally please have a look n tell me that i am correct .
j.e purchse a/c---dr.
vat a/c ------dr,
to party a/c------cr
j.e purchse a/c---dr.
vat a/c ------dr,
to party a/c------cr
12 November 2009
Now Input Tax Credit of VAT paid is available in all state where VAT is applicable, it would be better that Entry should be passed tax rate wise as follows:
4% VATGoods Pur A/c Dr. Rs.1,00,000
12.5 %VAT Goods Pur A/c Dr. Rs.8,00,000
VATExempt Goods Pur A/c Dr. Rs. 2,00,000
VAT 4% ITCReceivable) A/c Dr. Rs. 1,40,000
VAT 12.5% ITCReceivable) A/c Dr. Rs. 4000
To Bank/creditor A/c Rs. 21,40,000
(Being goods purchased and input tax paid)
It is in accordance with Guidance Note issued by ICAI also and it would give better presentation to VAT authority also
4% VATGoods Pur A/c Dr. Rs.1,00,000
12.5 %VAT Goods Pur A/c Dr. Rs.8,00,000
VATExempt Goods Pur A/c Dr. Rs. 2,00,000
VAT 4% ITCReceivable) A/c Dr. Rs. 1,40,000
VAT 12.5% ITCReceivable) A/c Dr. Rs. 4000
To Bank/creditor A/c Rs. 21,40,000
(Being goods purchased and input tax paid)
It is in accordance with Guidance Note issued by ICAI also and it would give better presentation to VAT authority also
Aijaz Khan
(Querist)
12 November 2009
sir can u explian in detail about i.e under which head or which entry
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