Charging of vat to non tin holders
This query is : Resolved
03 August 2012
MY QUESTIONS:
Is it necessary to provide inclusive sale bills to non tin no. holder parties?
As it is required to provide Tin no. of all customers in Vat Audit Report, what if that customer dont have tin no. or has not provided us with its no.?
What is problem if Vat bill is provided to non tin holders?
Our CA guided for this.But it raises question in mind, An individual (non tin holder) buying clothes is charged vat on purchases. then how cloth merchants maintain Tin no.records and report in Vat Audit Report.
Waiting for reply as soon as possible.
Is it necessary to provide inclusive sale bills to non tin no. holder parties?
As it is required to provide Tin no. of all customers in Vat Audit Report, what if that customer dont have tin no. or has not provided us with its no.?
What is problem if Vat bill is provided to non tin holders?
Our CA guided for this.But it raises question in mind, An individual (non tin holder) buying clothes is charged vat on purchases. then how cloth merchants maintain Tin no.records and report in Vat Audit Report.
Waiting for reply as soon as possible.
03 August 2012
As a registered trader one is required to charge VAT on every taxable sale.
If the purchaser if not registered, then he will claim the whole amt (cost+tax) as his expense.
If the purchaser if not registered, then he will claim the whole amt (cost+tax) as his expense.
03 August 2012
Agreed with the reply
04 August 2012
Ms Priyanka,
While selling a taxable goods a taxable invoice is to be raised. If the sale is made to a registered dealer his TIN no may be quoted(optional).Generally, all retailer bills are issued to unregistered customers.In interstate sales when selling against 'C' form only mentioning of buyer's
TIN no becomes essential....MJK
While selling a taxable goods a taxable invoice is to be raised. If the sale is made to a registered dealer his TIN no may be quoted(optional).Generally, all retailer bills are issued to unregistered customers.In interstate sales when selling against 'C' form only mentioning of buyer's
TIN no becomes essential....MJK
06 August 2012
As per the Amendments effected by the Maharashtra Act No. XII of 2010- the provision reads as under in relevant matter in MAHARASHTRA -
Amendment of section 86:¬-
(a) Section 86 provides for tax invoice and memorandum of sales or purchases. The sub-section (2) clause (b) is amended.
(b) Now it is mandatory for the selling dealer to state the TIN of the purchasing dealer on the Tax Invoice.
(c) If selling dealer fails to state the TIN of the purchasing dealer the Invoice so issued shall not be treated as a: Tax Invoice and the purchasing dealer shall not be entitled to claim set-off in respect of said deficient Tax Invoice as per provisions of section 48(2).
Amendment of section 86:¬-
(a) Section 86 provides for tax invoice and memorandum of sales or purchases. The sub-section (2) clause (b) is amended.
(b) Now it is mandatory for the selling dealer to state the TIN of the purchasing dealer on the Tax Invoice.
(c) If selling dealer fails to state the TIN of the purchasing dealer the Invoice so issued shall not be treated as a: Tax Invoice and the purchasing dealer shall not be entitled to claim set-off in respect of said deficient Tax Invoice as per provisions of section 48(2).
14 August 2012
In Kerala it is different. one can sell goods to both TIN holder and unregistered dealer.
If you indicate tin number in the invoice normal rate is applied on the dealer rate but if tin number is not indicated (URD), vat has to be collected on MRP rate.
So, TIN Number is not a must to sell.
If you indicate tin number in the invoice normal rate is applied on the dealer rate but if tin number is not indicated (URD), vat has to be collected on MRP rate.
So, TIN Number is not a must to sell.
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