Rectification entry

This query is : Resolved

DEVENDER THAKUR (Querist)
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23 December 2010 Respeced Experts please guide me: vat output as per monthly return vat-16 is Rs.42120 and vat input is Rs.49857 while the actual vat output=Rs92128 and vat output =Rs.49857/- Due to which we show excess ITC in Vat-16 for Oct 2010. Now for nov 2010 vat output = Rs.74464/- and vat input isRs.1,11,346/- means there is excess ITC for Nov 2010. Can we adjust the amount tax diffrence of Oct 2010 with Nov 2010 and deposite the difference amount. if yes, then how will we show the sale and purchase in vat-16 of Nov 2010. Plz guide me.

Hitender Gaur

Hitender Gaur (Expert)
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25 December 2010 REVISED THE RTN OF OCT. AND DEPOSIT THE TAX, IN DVAT-16 THERE IS NO OPTION TO ADJUST PREVIOUS MONTH TAX LIABILITY, ONE CAN ONLY C/F TAX TO NEXT TAX PERIOD (P9.1 OF DVAT-16)