Debit & credit note

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Shankar (Querist)
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05 October 2011 Can anybody tell me about prescribed time limit for rate difference in sale or purchase price to be settled by issuing debit / credit notes??

Pl help
Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 October 2011 Under VAT only the good return only time limit prescribed, for rate difference when ever you are raising you need to include in the return for the particular month

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Shankar

Shankar (Querist)
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07 October 2011 Dear Ramesh,

Thanks for the reply. if we recd debit note from the custmer for sales made before 6 months can we reverse the vat?

Pl help
aslo give rule or clause referance.

thanks
Shankar

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 October 2011 yes. most of the state vat acts allows the sale return & rate difference debit note with in 6 months or completion of assessment which ever is earlier. but need the exact state to clarify further

Shankar

Shankar (Querist)
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08 October 2011 Dear Ramesh

Thanks

I m asking for Maharashtra VAT. Pl clarify.

Shankar