vat amount payable in financial year 2010-2011 Rs. 25000.00
but we paid Rs. 35000.00. This exces payment will be
carried in next financial year?
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Answer / sreenivasulu
the excess amount paid towards VAT (i.e.10000) can carry forward to next financial year. But, while paying the VAT in the year 2011-2012 the excess amount is to be written-off from the amount payable towards VAT.
| Is This Answer Correct ? | 20 Yes | 1 No |
Answer / devender kumar
Yes this excess amount will be adjusted against current
financial year Vat payable.
for example: vat payable for current year is 20000. then
entry will be
vat payable Ac dr 20000-10000(10000)
To bank ac cr 10000
| Is This Answer Correct ? | 1 Yes | 1 No |
The excess amount paid of Rs. 10000/- will be carried forward
in the next year and can be adjusted with that year Vat
payable amount.
| Is This Answer Correct ? | 3 Yes | 4 No |
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WHAT IS MAT
Suppose there is a computer Inst. providing a course abc and the total fees for it is Rs.10000 per annum, now this institute gives the right to another institute to provide facility of that course on behalf of it and the fees amt. is bifercated to Regd. fees Rs. 2500, Exam fees Rs.500 and tution fees Rs.7000,now the former institute gives right to later ins. to take Rs.7000 and says that the amt. of regd. fees and Exam fees i.e Rs. 3000 must be given to it plus service tax, now we have to save the former ins. from paying service tax on Amt. 3000, how can we do this?
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