whether Vat credit is available in case, the assessee has debit balance in one vat account, say 5% and have credit balance in other, say 13.5%????
whether Vat credit is available in case, the assessee has debit balance in one vat account, say 5% and have credit balance in other, say 13.5%????
Ya overall in aggregate he has to pay if there is any surplus in collection that vat input
Ex: 5% VAT Input - 500
13.5% VAT Input - 1000
5% VAT output - 1000
13.5% VAT output - 600
the VAT Payable is (1000+600) - (1000+500) = 100
sir,
How to get vat input credit on damaged or goods loss by fire
If goods is damged book it s a loss and debit to p & l ac
it will not impact VAT input credit
Vat liability and credit comprises of all the vat rate slabs.
so for filing the details we need to show the purchase,sales,credit amounts separately but while awailing the credit or paying we have to combine it.
lost/damaged goods are loss and debited to p&l,
we are not collecting vat to get a vat credit in this case in regarding to these goods.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Shyam Joshi & Associates
Pune
B.Com
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