05 November 2014
Purchasing in 1%,5% & 14.5%. Sales is 1%. While input tax availing the credit amount is getting carry forward. Will it make any problem or can we get any exemption against the purchasing bills %. Purchasing 1% and sales also in 1%.
We are doing govt.subsidy business. customer 50% payment balance 50% by Govt will release. In the same some time customer will ask the materials with some modification or some gradation things. In that situation we are issuing the bill to the customer as per the govt specified amount and for the gradation material releasing separate ate bill. But the up-gradation material cost we are adjusting with the actual govt specified bill. As per Govt approved amount - 100/-
Issuing bill - 100/-
gradation bill to customer - 23
but the up-gradation material purchase amount is 19/-
receipt we are making for Rs.12
How do to the correct procedure.(as per sales tax norms & customer and all)
CAclubindia
