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
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
CAclubindia
