vat

Save Share

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

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)

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

Aijaz Khan

Aijaz Khan (Querist)

12 November 2009 sir can u explian in detail about i.e under which head or which entry

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now