Pump Tax Paid Sale/Purchase
Oil companies are charging VAT on Sale price of Retail Petrol pumps w.e.f
01/04/2008. If you want to treat these Sales / Purchase as Tax-Paid you
may follow the following procedure:
1. Mark 'Yes' against setting 'Pump Tax Paid System' in Form VAT-15.
2. Re-Post the Sale documents if entered before version 4.9.38.
3. Sale of Petrol / Diesel attracting tax @ 27.5 / 8.8 shall be credited
inclusive of tax in relevant Sale A/c.
4. Sale of Petrol / Diesel shall be reduced from gross Sales at column
1(i) of Form VAT-15. (No details shall be shown in Worksheet)
5. You should reverse the input tax relating to Petrol & Diesel Purchase
for this pass the following Journal entry:
|
A/c Head
|
Debit
|
Credit
|
|
Purchase Petrol A/c
|
27500.00
|
|
|
Input VAT 27.5%
|
|
27500.00
|
(You should select 'Reversal - Others' when prompted to select the sub
VAT class)
