26 February 2014
A company made sales in last year and collect vat on that sale and deposit...but in current year the customer return the goods...now my question is that company can deduct the vat amount that paid at the time of sale from current year payable on sales.
Thank u.
26 February 2014
If the sale return is within 6 months of the sale, then the company can adjust the VAT paid earlier.
If the sale return is after 6 months, then VAT adjustment is not possible. In this case the company should deduct the VAT amount from the payment to be made to the customer.
CAclubindia
