Account
This query is : Resolved
02 December 2011
Hi sir\Mam
What is the benifite of purchesing goods from URD(Unregester diler)Becuse they not given any Invice ?How we have to make sure on that entry in our account?
What is the benifite of purchesing goods from URD(Unregester diler)Becuse they not given any Invice ?How we have to make sure on that entry in our account?
02 December 2011
Dealers who are not registered under the VAT Act are called as Unregistered Dealers (URD). Such dealers cannot issue tax invoice. They can neither Charge Tax nor Claim Input Tax Credit.
There is no advantage of purchasing goods from such dealer because the purchaser will not be able to take any input tax credit on the goods purchased from such party and as such will have to bear higher tax on sales if it sells by adding vat on the goods.
For passing entries in our account just simply debit purchase account and credit party account.
CA. RICHI SAXENA
There is no advantage of purchasing goods from such dealer because the purchaser will not be able to take any input tax credit on the goods purchased from such party and as such will have to bear higher tax on sales if it sells by adding vat on the goods.
For passing entries in our account just simply debit purchase account and credit party account.
CA. RICHI SAXENA
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
