Accounting Entries for VAT
Deepen Keniya (CA Final Student) (93 Points)
02 May 2009Deepen Keniya (CA Final Student) (93 Points)
02 May 2009
N.J.R
(Practice)
(346 Points)
Replied 02 May 2009
CA.Rajesh Verma
(vermaraajesh39@yahoo.co.in (Dubai))
(97 Points)
Replied 02 May 2009
Hi Dear,
1. In crux, your 2nd methd is correct.
2. Reason is that, you can't add input tax in purchase cost beacuse you can claim it agiainst output tax.
Further, Out put tax is not shown as part of sale because it is your liability.
3. So far as, Same GP ration etc are concerned these are the part of financial managment.
4. As I could not be able to attach file. So pls see page -1557 0f May, 05 (too old) of CA-Journal. Illustration mentioned therein are great. Just see it.
5. Your way of presention, here, is nice. Follow same in exams.
Your Frnd,
S/o Sh. Bakshi Ram Verma
Deepen Keniya
(CA Final Student)
(93 Points)
Replied 03 May 2009
Thank's Rajesh, for agree with me on second Method
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If the Sales are Rs.36,00,000 and 12.5% VAT are Rs.4,50,000
i.e.Total Rs.40,50,000 including VAT
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(1) In above situation Income Tax Audit are Applicable or Not ?
(2) What is the Sales Turnover for VAT Audit ?
(3) For IT Audit & VAT Audit the VAT amount consider for the calculate for Sales Turnover
i.e. Included or Excluded
sagar
(proprietor)
(21 Points)
Replied 15 June 2011
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