Vat audit

Dear Hiten,

for VAT payment (in delhi), DVAT-20 is used.. and for VAT return, DVAT-16 is used...

for every sale the dealer incur, the VAT account is credited as it is liability on the part of the dealer to make payment to the govt. and for every purchase, VAT account is debited as it is asset for him... because he will get credit/set-off that VAT input (got on items purchased) while making payment for the VAT liability (which he incurred when he made sale)... thus, the remaining amount, if any, left is required to be paid to the govt. (after claiming VAT input).

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com