Components for purchase and sales reconciliation

This query is : Resolved

AshishLimaye (Querist)
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03 November 2013 Just to confirm for purchase and sales recon following fields are required
Net Purchase and Tax
Net Sales and Tax
As per Form 704 and Financials
Set Off calculation
please suggest if there any more
In short this calculation will help for deriving excess tax paid and gone un notice
Also suggest contribution of FForm

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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03 November 2013 Net purchase and net sales are amounts of purchases and sales found after deducting the returns,if any,in that month/period.Make a list of all purchases ratewise(5% and 14.5% or other rates),showing the vat paid in each bill(including self purchase bills from URDs.Take their total and that is ITC.With respect to the URD purchases you have to claim ITC related to the goods sold/consumed in that perriod only....mjk