This topic provides a brief description about the nature of adjustments available for GCC VAT in Tally.ERP 9.
|
Nature of Adjustment |
Additional Details |
Applicable for UAE? |
Applicable for KSA? |
Applicable for Bahrain? |
Ledgers to be Debited and Credited |
|
Account for and Claim VAT Paid to Customs |
Imports |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - VAT ledger or Debit - VAT ledger Credit - Current assets ledger |
|
Intra GCC Purchase |
Yes |
Yes |
Yes |
||
|
Purchase from Designated Zone |
Yes |
No |
No |
||
|
Account for VAT Paid to Customs |
Imports |
Yes |
Yes |
Yes |
Debit - Current assets ledger Credit - Expenses ledger |
|
Intra GCC Purchase |
Yes |
Yes |
Yes |
||
|
Purchase from Designated Zone |
Yes |
No |
No |
||
|
Decrease of Tax Liability |
Adjustments to Goods Imported into UAE |
Yes |
No |
No |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
Bad Debts |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses ledger |
|
|
Cancellation of Tax Liability for Advance Receipts |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Capital Goods |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Corrections/Amendments |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Imports |
No |
No |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Intra GCC Purchase |
No |
No |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Others |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Increase of Tax Liability |
Adjustments to Goods Imported into UAE |
Yes |
No |
No |
Debit - Expenses or the relevant ledger Credit - VAT ledger |
|
Capital Goods |
Yes |
Yes |
Yes |
Debit - Expenses ledger Credit - VAT ledger |
|
|
Corrections/Amendments |
Yes |
Yes |
Yes |
||
|
Exempt and Other Than Business Purposes |
Yes |
Yes |
Yes |
||
|
Imported for Subsequent GCC Transfers |
Yes |
Yes |
Yes |
Debit - Expenses, current assets or VAT ledger Credit - VAT ledger |
|
|
Imports |
Yes |
Yes |
Yes |
||
|
Interest |
Yes |
Yes |
Yes |
Debit - Current liabilities ledger Credit - Expenses ledger |
|
|
Intra GCC Purchase |
Yes |
Yes |
Yes |
Debit - Expenses, current assets or VAT ledger Credit - VAT ledger |
|
|
On Account of Advance Receipts |
Yes |
Yes |
Yes |
Debit - Expenses ledger Credit - VAT ledger |
|
|
Others |
Yes |
Yes |
Yes |
||
|
Penalty |
Yes |
Yes |
Yes |
Debit - Current liabilities ledger Credit - Expenses ledger |
|
|
Purchase from Designated Zone |
Yes |
No |
No |
Debit - Expenses, current assets or VAT ledger Credit - VAT ledger |
|
|
Sale on Profit Margin |
Yes |
Yes |
Yes |
Debit - Expenses ledger Credit - VAT ledger |
|
|
Transfer of Own Goods to Other GCC Countries |
Yes |
Yes |
Yes |
Debit - Party ledger of other country Credit - VAT ledger |
|
|
Without Consideration or Less Consideration |
Yes |
Yes |
Yes |
Debit - Expenses ledger Credit - VAT ledger |
|
|
Increase of Tax Liability & Input Tax Credit |
Imports |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - VAT ledger |
|
Intra GCC Purchase |
Yes |
Yes |
Yes |
||
|
Purchase from Designated Zone |
Yes |
No |
No |
||
|
Increasing Input Tax |
Bad Debts |
Yes |
No |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
Capital Goods |
Yes |
Yes |
Yes |
||
|
Claiming VAT paid to Customs |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Current Assets |
|
|
Corrections/Amendments |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Imports |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Current assets ledger |
|
|
Intra GCC Purchase |
Yes |
Yes |
Yes |
||
|
Others |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Purchase from Designated Zone |
Yes |
No |
No |
Debit - VAT ledger Credit - Current assets ledger |
|
|
Recoverable VAT from Other GCC Countries |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Expenses or current assets ledger |
|
|
Opening Balance |
--- |
Yes |
Yes |
Yes |
Debit - VAT ledger Credit - Current assets ledger |
|
Refund of Input Tax |
--- |
Yes |
Yes |
Yes |
Debit - Current assets ledger Credit - VAT ledger |
|
Reversal of Input Tax |
Bad Debts |
Yes |
No |
Yes |
Debit - Expenses or current assets ledger Credit - VAT ledger |
|
Capital Goods |
Yes |
Yes |
Yes |
||
|
Claiming VAT Paid to Customs |
No |
No |
Yes |
||
|
Corrections/Amendments |
Yes |
Yes |
Yes |
||
|
Exempt and Other Than Business Purposes |
No |
Yes |
Yes |
||
|
Imports |
No |
No |
Yes |
||
|
Intra GCC Purchase |
No |
No |
Yes |
||
|
Others |
Yes |
Yes |
Yes |