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vat amount payable in financial year 2010-2011 Rs. 25000.00
but we paid Rs. 35000.00. This exces payment will be
carried in next financial year?
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Answer / sreenivasulu
the excess amount paid towards VAT (i.e.10000) can carry forward to next financial year. But, while paying the VAT in the year 2011-2012 the excess amount is to be written-off from the amount payable towards VAT.
| Is This Answer Correct ? | 20 Yes | 1 No |
Answer / devender kumar
Yes this excess amount will be adjusted against current
financial year Vat payable.
for example: vat payable for current year is 20000. then
entry will be
vat payable Ac dr 20000-10000(10000)
To bank ac cr 10000
| Is This Answer Correct ? | 1 Yes | 1 No |
The excess amount paid of Rs. 10000/- will be carried forward
in the next year and can be adjusted with that year Vat
payable amount.
| Is This Answer Correct ? | 3 Yes | 4 No |
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