Input VAT Brought Forward from Previous Year as Input Credit in a New Company in Tally.ERP9
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In a new company, how to account for input VAT brought forward from previous year to current financial year in Tally.ERP9?
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In the newly created company, create an Input VAT ledger grouped under Duties & Taxes with Type of Duty/Tax as VAT and VAT Sub Type set to Input VAT. Enter the input credit to be brought forward from previous financial year as debit balance. This amount will reflect as Excess Input Credit Brought Forward in VAT Computation report.
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