hi frenz, I hv jst undertaken to prepare the accounts of a trading firm. Cud any1 plz tell me the important points to be kept remembered while preparing VAT A/c.
Also important points on VAT assessement.
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VAT Accounting
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U SHOULD HAVE 2 KEPT IN MIND BELOW MENTIONED POINTS :
1. BE ALERT WHILE DOING ENTRY OF INPUT VAT FROM PURCHASE BILLS OTHERWISE IT U WILL NOT BE ELEGIBLE FOR INPUT CREDIT DURING VAT AUDIT.
2. U WILL NOT ALLOWED TO SET-OFF CST CREDIT FROM VAT PAYABLE, SO BE CAREFUL IN THAT AREAS.
3. TALLY OPENING AND CLOSING BALANCES OF VAT PAYABLE OR RECEIVABLE.
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