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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 / m.sujan kumar
Actually all tax items should come under Duties & taxes either it may be receivable or it may be payable. If it is a payable then we will find in balance sheet under duties & taxes head a positive figure, if it is refundable item (that means we have input tax credit) then we will find that in a negative figure.
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