Hello sir What is reverse credit in vat.. With example and computation

This question was asked in Input of Excise for Vat Dealers

Hello sir

What is reverse credit in vat..

With example and computation

Amitava Hazra

Aug. 21, 2016, 8:22 p.m.

Answers!

Davneet Singh

Aug. 24, 2016, 6:44 p.m.

On Purchase of Goods ,we take Input Vat(also called Credit)

This Vat Credit we need to reverse in certain cases like

Purchase Return
Discount on Purchase
Quality Deduction on Purchase
Closure of Business etc

Learn more

http://www.teachoo.com/917/376/Treatment-of-Purchase-Return/Vat-Debit-Note-Credit-Note-Entries/author/teachoo

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