Itc on returned goods

This query is : Open

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2013 What is the time frame (if any) for claiming vat paid on goods which have been returned?

RENGARAJ R.K

RENGARAJ R.K (Expert)
Follow

01 August 2013 It depends on the STATE VAT Act. Kindly inform us the STATE the query relates to.

E.g
Tamilnadu - 6 months
kerala-3 months
AP - 1 year
Karnataka - 6 months........

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Sale was made in Sep12 to a Govt dealer in UP Tax Invoice was issued. In June 13 Client used the warranty clause to reject the material and we had to refund the cost to them. The rejected material was returned to us.
1. Can we claim the Vat we had paid at time of sale.
2. In our account books what value of returned good will be reflected. (Basic +VAT +fwdg+frt)

Upgrade to CAclubindia Pro. Subscribe Now!