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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?

Question Posted / guest

Answers were Sorted based on User's Feedback



vat amount payable in financial year 2010-2011 Rs. 25000.00 but we paid Rs. 35000.00. This exces p..

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

vat amount payable in financial year 2010-2011 Rs. 25000.00 but we paid Rs. 35000.00. This exces p..

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

vat amount payable in financial year 2010-2011 Rs. 25000.00 but we paid Rs. 35000.00. This exces p..

Answer / govinda mahato

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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