Accounting entry

what are the procedures to be followed to avail input vat credit ? please give all your details sir

If your Another Site is in same State and U have been Alloted Same TIN no for All Sites then do Transfer only Amount Excluding Vat Input..................But it Will not Comes Under Sales..............

thanks sir...our other site is also in tamilnadu only..so i will do entry like this

other site a.c  dr 26100
    To purchases a.c        26100
            
i should not do like other site a.c debited to stock transfer a.c. right sir ? thanks sir...can i account input vat credit juz by passing entries and claim the same in IT return ? it will be helpful for me to elaborate in this sir..what records should i maintain to claim input vat credit..am i right by segregating input vat credit by respective % (5,7.5,14.5)

Yes You Can Claim Vat Input Credit in Vat Return...Tax Invoice is Required to Claim Vat input Credit.... You Have Right to Segregate by Percentage...

thanks again sir...i heard that tax invoice means a invoice which should bear name vat or tax invoice in its header and other particulars regarding item name, vat percentage and amount collected on vat...we have bills that didnt bear its name as vat invoice and its written manually they showed clearly vat percentage and total amount collected on vat...is it enough for us to claim or we should insist our dealers to provide proper vat invoice ? thanks in advance sir

A Tax Invoice Must Contain TIN Number, Name of Party, Particulars, Date, Rate of Vat, Authorised Sign, Amount.......... Any Invoce on Which TIn no is Given and Tax has Been Charged will be called Tax Invoice and we Claim Vat Input on It, You may Check Supplier Status thruogh TIn no by Tin xyss website

thank you very much sir...actually we are doing works contract of IOCL..They give our payment after deducting vat at certain % on our bills and they are deducting Tds too...we are paying service tax too sir...how can we use input vat sir ?

IOCL is Deducting WCT (Vat ) @ 4% (Rate In Bihar), IOCL Provide you C-II Certifacte on Quaterly Basis. It will Comes under Group Current Assets, You Are Able to Take Vat Input Credit on It on Quartely Basis.........You Will Have Submit C-II Certificate with Sales Tax Dipartment for Input Credit

wow thank you sir...u knew about IOCL ? should i segregate input vat credit into 'capital goods input vat'  sir ? please explain it sir...very helpful to meet you here sir.

Yes u Can Segregate.......

how it will be usefull for me sir...i know few details but not full details...sorry for putting too many questions to you sir...you are very helpfull.

thank you very much sir..i will do it like that sir...most of the items we purchased will come under local registered or unregistered construction material...should we show our calculation to IOCL for reducing their deduction by way of VAT or let them to collect VAT and show it to sales tax dept to get refund ? is there any other way ?

IOCL Will Not Reduce the WCT Rate as It is Statutary Rate of Deduction................ In Vat Assesment  it is Found that U r In Refundable Position then Department will Issue a Refund Notice. its a long process

thanks