Answer / h.r. sreepada bhagi

If the buyer is entitled for VAT Credit on the VAT charged
in the Supplier's Sales, Invoice, Debit it to VAT Credit A/c
and adjust this amount while remitting VAT collected on your
sales to the Government. Debit the remaining amount to
concerned A/c. In case the the buyer is not entitled for VAT
credit on the asset bought, Debit the full value of the
asset to the concerned Asset A/c. The Fixed Asset account
will be subjected to depreciation charge as applicable.

In any case this VAT will not be accounted in Duties & Taxes
or charged off as expense or shown as liability. VAT Charged
in the seller's invoice is not liability by the buyer to the
Commercial Taxes department, but the total value of the
invoice is payable to the supplier. if the money has bee aid
in advance, it will get adjusted to the extent advance paid
& the balance will be payable.

Answer / m.l.v

Duties & Taxes

Answer / ravindra

when we buy an asset certain vat has been charged that means
we need to pay the tax for asset purchased.

if it is paid it will be shown under the head expense.
if it is payable it will be shown under the head liability.

I DED TDS ON SALARY AND CONTRACTOR WHERE I DEPOSITED THIS AMOUNT WHICH PROCESS I FLOW TO FULL FILL ALL THE MANDATORY

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a business man purchases goods at 12.5% vat... he wants to sel l the goods to other state then central sales tax will be applicable@2%.what he can do with the input tax avai lable?

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how to adjustent the accounts part of the company and how to calculate vat and gst .kindly answer me sir. my e-mail id is:- dipak92.dip@gmail.com

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applicability of vat and applicability of cst in karnataka

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when we want bought a new asset (for ex. car)how we calculate our income with the eye of income tax

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What is Service Tax Rate & who exempt Service Tax Rate

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What is RITC and how it is calculated?

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Assume I paid an advance of Rs 50,000/- from contractor can we deduct TDS on that amount

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Can I know the Difference between C form and E Form

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Wat is HRA? How it caculated?

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how to reconccile account payable & account receivable.please provide best solution with example

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agar hum koi sale return 3 month ke andar hi receive krte hai or part uski cst purchase ka bill deti hai or humse c form mangti hai to kya hum use LS-10 me tax benefit ke liye and LP-3 me c form issue krne ke liye kyoki central purchase ka haryana vat me benefit nhi milta kya dono form LP-3 and LS-10 me hum us return ko show kar skte hai

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