Pankaj Arora (Learner) (3134 Points)
23 December 2010
Dear All
we have short received Vat refund of f.y. 08-09 from sales tax office. our refund was 84252.00 but we received 81141. its short of Rs. 3111.00
How to adjust of remaining Vat refund shall we carry forward it to next f.y. or it can be write off. if it can be write off what will be the accounting entry to write of remaining vat refund amount.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 December 2010
| Originally posted by : pankaj | ||
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Dear All we have short received Vat refund of f.y. 08-09 from sales tax office. our refund was 84252.00 but we received 81141. its short of Rs. 3111.00 How to adjust of remaining Vat refund shall we carry forward it to next f.y. or it can be write off. if it can be write off what will be the accounting entry to write of remaining vat refund amount. |
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go through assessment order, there must be some addition or disallowance for such amount, and u have to write off the amount in year of receipt.
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 December 2010
Ok but please tell me in which case vat refund will disallowance and also please tell me all accounting related to disallowances of vat refund.
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 December 2010
And vat refund credit in our bank account through ecs and we did not recd any assessment order.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 December 2010
| Originally posted by : pankaj | ||
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And vat refund credit in our bank account through ecs and we did not recd any assessment order. |
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approach the refund authority for order.
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 December 2010
Is it possible from sales tax dept. end that they did not give one invoice vat credit or wat more reasons are for short Vat refund. If its possible wat will be accounting entry?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 December 2010
| Originally posted by : pankaj | ||
|
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Is it possible from sales tax dept. end that they did not give one invoice vat credit or wat more reasons are for short Vat refund. If its possible wat will be accounting entry? |
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reasons may be numerous, vis disallowance of input credit for negetive list, interest, penalty, or value additon to any specific area,
for accounting purpose,
vat account Debit ..............................................xxxx ( short amount)
to
vat refund account ....................................................................xxxx
vat account will reflet in current year P/L account as payment against sales or assessment order.
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 December 2010
Hey could you please send me any vat assessment order copy or demo because I did not see it before.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 December 2010
| Originally posted by : pankaj | ||
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Hey could you please send me any vat assessment order copy or demo because I did not see it before. |
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on what grounds u have filed refund claim to department? the assessing officer has issued u form 25 for assessment, form 27 for assessment memorandam and form 28 for refund , chek your vat records file.
NB: its in wbvat, form numbers may vary state to state, but the procedure is same.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 December 2010
Pankaj Arora
(Learner)
(3134 Points)
Replied 23 December 2010
No.. Sir actually I m asking for my knowledge.
Pankaj Arora
(Learner)
(3134 Points)
Replied 24 December 2010
hey bro if it is short refund due to Interest Penalty dan accounting entry will be as u told. but vat a/c will be input vat a/c or output vat a/c if it has to be adjust in quarter end suppose our input vat is 5000 and output vat is 9000 dan we have to adjust is with output vat. so it will not effect our current Vat Liability
Vat A/c. Dr. 3411
Vat Refund Cr. 3411
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 24 December 2010
| Originally posted by : pankaj | ||
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hey bro if it is short refund due to Interest Penalty dan accounting entry will be as u told. but vat a/c will be input vat a/c or output vat a/c if it has to be adjust in quarter end suppose our input vat is 5000 and output vat is 9000 dan we have to adjust is with output vat. so it will not effect our current Vat Liability Vat A/c. Dr. 3411 Vat Refund Cr. 3411 |
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the refund is specified for a perticular year and after this refund we can say "gross settlement in full" keeping the balance as zero to be carried forward.
taking the short payment to carried forward will make headache for coming years in accounting.
CAclubindia
