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Former Member
Jan 28, 2014 at 12:16 PM

Tax Code for Service Tax and VAT

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Dear all,

We have received invoices as mention below from Vendor.

Kindly guide whether new tax code needs to be created. Please note that i have already created Service Tax Set off 12.36% and Set off GVAT 12.50% and 2.5%.

Problem:

Vendor charged VAT & Addl VAT on Transmission Exp + Service Tax there on.

We have to take credit on both Service Tax and VAT Paid to Vendor.

Objective

The proposed accounting Entry should be

Gas Purchase Dr 86,87,019 Gas Transmission Dr 15,23,230 Service Tas Rble Dr 1,88,271 VAT Rble Dr 15,59,778 To Vendor 1,19,58,299

Following is the invoice

quantity Rate 917.7 10438.333 MMBTU (N) 95,79,259 Prm/Reb. Price (10,55,555) Mktg Margin (Qty) 200 MMBTU (N) 1,83,540 Mktg Margin Rebate (20,225) RLNG Trench Tpt 42.46 MMBTU (G) 15,23,230 Service Tax 12 1,82,788 ECS on Service Tx 2 3,656 Seces on Service Tax 1 1,828 A/R VAT Payble 12.5 12,99,815 A/R VAT Payble (Addl) 2.5 2,59,963 Total 1,19,58,299