Sales tax payble

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irfan (Querist)
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03 April 2015 If our purchase vat is more than sales vat then how to make entry in tally if our sales tax payable negative.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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03 April 2015 it would b in vat receivable a.c

transfer all vat payable into vat receivable as u usually does...

automatically receivable will b standing there with the balance amount na...

irfan

irfan (Querist)
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03 April 2015
VAT RETURN 2014-2015
1ST AUG TO 31ST AUG
SALES
RATE NET TAX TOTAL
12.50% 126,641.00 15,830.13 142,471.13
CST 2% 55,223.00 1,104.46 56,327.46
4% - 0 -
Repair 0
Fright - -

181,864.00 15,830.13 198,798.59
PURCHASE

RATE NET TAX TOTAL
Purchase 12.5% 304,274.49 38,034.31 342,308.80
Purchase 5% 236,989.80 11,849.49 248,839.29
Comp.stationary 5% 4,357.14 217.86 4,575.00
LABOUR PAID - 0 -
URD PURCHASE 58,476.00 0 58,476.00
Transport - - 0.00
604,097.43 50,101.66 654,199.09
Last Year Set Off C/d -
VAT COLLECTED 15,830.13
VAT Set Off 50,101.66
TOTAL VAT PAID (34,271.53)
-
TOTAL PAYABLE (34,271.53)

how to do entry in tally

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