accounting

This query is : Resolved

DHAVAL BHOJANI (Querist)
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13 May 2009 Can anyone please guide me how to make Vat entry during purchase and sales. ?How to make service tax entry during sellin of service and taking input service.? Our client is Hotel so luxury tax would be leviable so what will be its %.? Morever the vat and service tax would be levieable on gross amount after luxury tax? Please guide. Thanku for ur cooperation.

Jiwan singh

Jiwan singh (Expert)
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13 May 2009 VAT ENTRIES :-
1- Purchase raw material within state

Purchase raw material DR 100
ITC on vat DR 4
TO Supplier 104

2- Sales of Finished goods Within state

Debtor DR 520
Sales CR 500
VAT Payable CR 20

3-VAT Adjustmen

VAT Payable DR 20
ITC on VAT cr 4
Bank cr 16

SERVICE TAX ENTRIES :-

1- Import exp. DR 100
Service tax recoverable DR 10
A CR 110
2-Excise duty/Service tax payable DR 100
Service tax recoverable CR 10
Bank CR 90