Tax invoice & retail invoice

This query is : Resolved

Murtaza I Bhagat (Querist)
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13 November 2009 I have to know if i have registered under GVAT..ok and also in VAT Credit System not in Lumpsum system... ok

I have to know in Lumpsum System only Retail invoice will be issued in every sales....ok and paid the S.T of 0.5% of sales...ok
but in VATCredit Method Purchase from TAX invoice but sales from only Retail Invoice in my case
My que is in VAT when we calculated in the VATCredit System we Purchase from TAX invoice and Sales from Retail Invoice only. let me clear.... when we take Calculation of VATcredit Purchase VAT - sales VAT [which we have to calculate on Sales] (Rate whichever applicable for Particular Items..ok)
If we do the Calculation of Sales (Collection of)VAT on Sales Can we add this VAT in Retail invoice too? or we just have to flash on VatCredit calculation only..
simple :-
Do I collect VAT from Retail Invoice in VATCredit System........?

Do I Explain well ? pls Advice me
thanks in advance

Sunil

Sunil (Expert)
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13 November 2009 You issue tax invoice to the person who is again going to resell the goods and set off the VAT against what he has to deposit.While issuing this the VAT Tin number of buyer is also compulsory and in Gujarat you have to make the declaration in the Form that goes along with the truck. When filing your VAT return with commercial tax department the buyer's VAT is also entered to facilitate them getting the credit.

Retail invoice is issued when no further credit is to be taken and the buyer's TIN is not necessary. If you have to set off VAT you must take a Tax Invoice accompanied by the various transportation forms required by Gujarat.

I assumed GVAT as Gujarat VAT.