Easy Office
LCI Learning

Vat credit

This query is : Resolved 

22 April 2014 Hello - I am working in IT company. We have bought multiple assets in FY 2005-06 and onwards. We have taken input VAT credit and shown as receivable in our books.

Now out of those assets we have sold few, Do I need to reverse the VAT credit taken earlier, if yes, what would the entry

Thanks and Regards,
Pankaj

22 April 2014 No need to reverse if sales in same state.

but you need to pay VAT on sales.

23 April 2014 you pay tax on sales and set the input with output vat.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query