Wheather entry of input vat is forever ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2012 Dear sir..
I am small traders deal in Computer hardware and not registered in sales tax deptt..

I have purchase some item from a dealer and pass enrty in tally as..

Purchase(Group under purchase) A/c 5000
Input vat(Group under Duties&Tax)A/c 250

To Cash A/c 5250

i cannot claim input vat to meet output vat as i m not registered with Sale deptt.

So my confusion is that wheather input vat is remain in my B/S......

or it may adjust, so, how

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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26 April 2012 Dear author,

if you are not registered dealer then why you passing your accounting like above

when unregistered time you have to do antry like

purchase dr. 5250
to cash cr 5250

after registration you can passed your entry as you have passed in you accounts

then you can claim input vat credit in your unregistered period passed your entry as i said

when you become registered dealer then passed entry like above

and sales like that

(5000item+500profit=5500)
cash dr 5775
sales cr. 5500
output vat cr 275

then sett off entry
output dr. 275
input cr.250
vat payable cr 25

when payment entry

vat payable dr 25
to bank/cash cr.25

ok

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2012 What about if i registeed under composite scheme of Vat

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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26 April 2012 then enter including vat because not avail ITC for composite dealer and pay lump sum tax on taxable sales