Capital goods input vat availing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2014 sir, pls rectify that the capital goods of rs.100000/- the inputvat @5% of Rs.5000/-, my question is in vat act Rs.2500/- for the first year and remaining of Rs.2500/- will be availed the next year what is the entries for the above issuie in tally(input vat adjustable entries)

CA Parul Saxena

CA Parul Saxena (Expert)
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08 September 2014 Capital good Dr...................100000
Vat Input@5%......................5000
To Vendor..............................105000

Vendor Dr.......................105000
To Bank................................105000

In 1st year:-(Suppose Vat output=10000)
Vat output Dr..................10000
To Vat Input.........................2500
To Vat Payable.....................7500

In 2nd year (Suppose Vat output=12000)
Vat Output Dr....................12000
To Vat Input Dr........................2500
To Vat payable.........................9500

In nutshell i just want to say avail 50% input in 1st year and the remaining balance will stand as it is in the head vat input in 2nd year avail the remaining balance.