Applicability of vat credit

whether Vat credit is available in case, the assessee has debit balance in one vat account, say 5% and have credit balance in other, say 13.5%????

Replies (4)

Ya overall in aggregate he has to pay if there is any surplus in collection that vat input

Ex: 5% VAT Input - 500

13.5% VAT Input - 1000

5% VAT output - 1000

13.5% VAT output - 600

the VAT Payable is (1000+600) - (1000+500) = 100

sir,

 

How to get  vat input credit on damaged or goods loss by fire

 

If goods is damged book it s a loss and debit to p & l ac

it will not impact VAT input credit

Vat liability and credit comprises of all the vat rate slabs.

so for filing the details we need to show the purchase,sales,credit amounts separately but while awailing the credit or paying we have to combine it.

 

 

lost/damaged goods are loss and debited to p&l,

we are not collecting vat to get a vat credit in this case in regarding to these goods.

 

 

 

 

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