Answer Posted / jagadeesh.p

Hi this jagadeesh CA,
First we need to classifie VAT as VAT claimable & not claimable
1.VAT paid on procurement of RM with in the state can be claimable against VAT payable on sales as CST
2.VAT paid on procurement of RM from out side state con't be claimable and portion of VAT should be added to the cost of material
3.Entry on purchase of RM
RM a/c DR XXXXX
VAT receivable a/c DR XXX
Party a/c cr xxxxx
4. On sale
Bank a/c DR XXXX
VAT payable a/c xxx
Sales a/c xxxxx
5.IF VAT receivable is more than VAT payable at end of the period then show the balance under assets side bellow the loans& advance and claim for refund otherwise if it is case at the end of quarter then in subsequent quarter we can adjust same with VAT payable and vise ver....

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