29 March 2013
Sir, My query is regarding entry tax levied goods. Entry tax is levied on total invoice value at the rate of 2% on any particular good. But if the seller who is selling the goods is giving a credit note on such invoice on which entry tax is levied whether such should be reduced from the entry tax charged. And such credit note is regarding the rate difference between the actual invoice raised and rate settled between the parties. What should be the tax liability to such tax payers? And whether they should adjust such credit note amount during payment of entry tax?
29 March 2013
It is not known this pertains to which state. Your query is regarding when the value of purchase invoice changes due to some agreement and a credit note is issued whether the entry tax already paid can be corrected and adjusted/refunded. Entry tax rules also follow the same pattern of VAT rules. If the issue of credit note is within the time specified for filing a revised return, then it can be done so..mjk
CAclubindia
