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Accounting Treatment as to reduction of 2%

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03 May 2011 W.e.f. 01.07.2010 & onwards Input Vat credit has to be reversed @2% By way of Reduction so far OGS Sales against C form is concerned as per Gujarat Vat Act either on Monthly/Quarterly basis depending upon Dealer's Category.

How to be effected the same in Books of Account.

Please reply soon.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
03 May 2011 Vat reversal a/c (exps.a/c)
To input vat a/c

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