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Accounting entry

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(Querist)
14 April 2012 Plz help

Vat reversal entry of the same
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
14 April 2012 VAT cannot be reversed. If u have any output VAT liability, set off against it, else charge off.
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vandana

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vandana (Querist)
14 April 2012 but Sit you have to pay or reverse the vat credit on purchase already taken
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
14 April 2012 Didnt understand ur query.
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vandana

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vandana (Querist)
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
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
14 April 2012 Rates and taxes A/c Dr
To VAT input credit.
(Being VAT input credit on goods destroyed reversed.)
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vandana

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vandana (Querist)
14 April 2012 Thanks sir

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