Accounting entry
This query is : Resolved
14 April 2012
VAT cannot be reversed. If u have any output VAT liability, set off against it, else charge off.
14 April 2012
but Sit you have to pay or reverse the vat credit on purchase already taken
14 April 2012
Didnt understand ur query.
14 April 2012
Sir, when medicines are expired then u have to destroy them and the sales tax authorities do not allow you to take the input on purchase then we have to reverse the Vat Input. So i want to know the vat reversal Entry
14 April 2012
Rates and taxes A/c Dr
To VAT input credit.
(Being VAT input credit on goods destroyed reversed.)
To VAT input credit.
(Being VAT input credit on goods destroyed reversed.)
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