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Please tell me under which heads following ledgers should
open or create.
1. Vat on Sales
2. Vat on Purchases
3. Excise on Sales
4. Excise on Purchases
5. Service Tax Input
6. Service Tax Output
It’s urgent for me.
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Answer Posted / h.r. sreepada bhagi
Input VAT, Excise Duty, Service Tax (i.e. on Purchase of
goods or services) under 'Current Assets, Loans & Advances'
- These are assets and can be set-off against payable.
Output VAT, Excise Duty, Service (i.e. on Sales or on
service income) under 'Current Liabilities & Provisions' -
These are liabilities and payable to the respective
government department after setting off the Input Credit.
In the period end Balance Sheet the balance should be shown
either under assets or liabilities after setting off the
respective accounts.
| Is This Answer Correct ? | 54 Yes | 10 No |
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