Vat credit
This query is : Resolved
22 April 2014
Hello - I am working in IT company. We have bought multiple assets in FY 2005-06 and onwards. We have taken input VAT credit and shown as receivable in our books.
Now out of those assets we have sold few, Do I need to reverse the VAT credit taken earlier, if yes, what would the entry
Thanks and Regards,
Pankaj
Now out of those assets we have sold few, Do I need to reverse the VAT credit taken earlier, if yes, what would the entry
Thanks and Regards,
Pankaj
CA Kapil Verma
(Expert)
22 April 2014
No need to reverse if sales in same state.
but you need to pay VAT on sales.
but you need to pay VAT on sales.
Rupesh Jain
(Expert)
23 April 2014
you pay tax on sales and set the input with output vat.
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