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when we buy an assets a vat has been charged, under which
head we show this entry according Haryana sales tax act?
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Answer Posted / 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.
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