Input VAT Brought Forward from Previous Year as Input Credit in a New Company in Tally.ERP9

All Tally.ERP 9 statutory& taxation related queries and answers like VAT(Value added tax) Service tax, TDS ( Tax deducted at source) TCS (Tax collected at source),Excise for dealers,Excise for importers,Excise for manufactures are discussed in this forum.

Input VAT Brought Forward from Previous Year as Input Credit in a New Company in Tally.ERP9

by Siddheshwar Parekh » Mon Apr 25, 2016 9:09 am

In a new company, how to account for input VAT brought forward from previous year to current financial year in Tally.ERP9?

 
Posts: 1
Joined: Mon Apr 25, 2016 9:07 am

Re: Input VAT Brought Forward from Previous Year as Input Credit in a New Company in Tally.ERP9

by Viral Jadhav » Mon Apr 25, 2016 9:10 am

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.
 
Posts: 15
Joined: Sun Apr 03, 2016 11:40 am


Who is online
Users browsing this forum: No registered users and 1 guest
cron