Answer Posted / rajiv sabharwal
VAT means Value Added Tax. Presently VAT in Delhi is 4%. VAT
is levied on Sales of Commercial goods by registered dealers
(dealers registered with Govt. Authorities)at the time sales.
The calculation of VAT is as simple as of Sales Tax. If you
are charging 4% on 1000 Rs. goods then the VAT is 40 Rs.
But at the time of depositing the collected VAT to
authorities we can claim rebate against the INPUT VAT paid
at the time of purchasing goods (only on local purchase and
not the central purchase).
The entry would be :-
4% VAT A/c -- Dr.
To 4% Input VAT
To VAT Payable A/c
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