Service tax and vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2012
hello, plz guide me in service tax and vat.i am ipcc student. i am going to attempt in nov2012.plz guide me in how to proceed in these chapters and the logic behind journal entries in vat.
05 June 2012
focus on practice manual for practical problems of the taxation subject, and read a latest reference book like- TN manoharan etc. for concepts
: VAT:
vat paid on purchase is treated as an asset hence debited
purchase a/c debit
VAT ITC a/c debit
TO supplier
when sales is made, VAT is recievable from party and payble to dept.
party a/c debit
to sales
to VAT payble
in the end of month/qtr
the difference in both VAT a/c is settled and if vat payble is exceeds from ITC(input tax Credit) than this entry is passed for vat payment
vat payble a/c debit
to bank
to vat ITC a/c
: VAT:
vat paid on purchase is treated as an asset hence debited
purchase a/c debit
VAT ITC a/c debit
TO supplier
when sales is made, VAT is recievable from party and payble to dept.
party a/c debit
to sales
to VAT payble
in the end of month/qtr
the difference in both VAT a/c is settled and if vat payble is exceeds from ITC(input tax Credit) than this entry is passed for vat payment
vat payble a/c debit
to bank
to vat ITC a/c
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