how will you make vat returns?
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Answer / manikprabhu s uttarwar
Following are the broad step to make VAT Return -
1. List of TIN-Wise & Tax Rate Wise Purchases from Registered Dealer within the State.
2. List of TIN-Wise & Tax Rate Wise Purchases from Registered Dealer Outside the State.
3. VAT Rate wise LOCAL (Within the State) Sales
4. VAT Rate wise CST (Outside the State) Sales
5. List of Stock Transfers outside the state
6. Details of Sales of Scrap / Sale of Asset / Intangible Assets (e.g. Copyright, Brand etc.)
7. List of Imports
8. List of Exports
9. List of Stock Receipts from Outside State
10. And then you have to calculate VAT Liability like -
OUTPUT VAT PAYABLE - INPUT TAX CREDIT AVAILABLE + RETENTION ON BRANCH TRANSFERS OUTSIDE STATE
11. State to state rate of retention is different
12. Purchase of Assets / expense purchases also needs to be separated from Local purchases
.........
.............. this way you have to prepare for VAT Return working
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