Vat for accounting entry
Querist : Anonymous
I need to know what should be the group in tally for the VAT 4% and 1% line item. Should it be duties and taxes? or it should be under purchase?
Guest
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one output account and one input account should be maintained
Querist : Anonymous
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Input will be adjusted to output and balance if any will be settled by bankA/c
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if you are not taking credit dont take such entries to Input stright away book as expence
Querist : Anonymous
* Purchase Rs.1000
* VAT 4% Rs.500
* VAT 1% Rs.500
Total value of the bill - Rs. 2000
So, the line item VAT 4% and 1% will be under the head duties & taxes or purchase?
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