I have a query related to goods returned from Party after More than Six Month.
e.g. Goods Returned Assessable Value = Rs.10000.00 2% CST against C FORM = Rs.200.00 As the Goods return are above Six Month. we are not giving the Tax Credit to the Party.
Now as i am using the Tally it show me Assessable Value Rs.20,000.00 ( Sales Bill Raised) Less Credit Note Amount = Rs10000.00 Total Assessable Value = Rs.10,000.00 & CST Value Rs.200.00 Now If i put the 10,000.00 in excel it will calculate a 2% on it as predefined tax figure = Rs.200 instead of 100.00
Now My question is the assessable value for which i am not giving any tax credit to be shown in return or to be deducted from the all figure coming as there is a no need to show this amount on account of not related to tax.
15 April 2010
For goods returned after six months in CST act, the tax amount should be recovered from the customer as he has returned goods after six months and while making original sale, we have already remitted to sales tax department to the extent of sales made. So, we have to write off such sales return amount in our books instead of claiming/adjusting in monthly return. Other wise, we have to issue credit note to customer by reducing such tax component as a recovery from the customer.
CAclubindia
