Goods given free of cost to end users
This query is : Resolved
07 December 2010
What is the treatment under karnataka valued added tax act 2003 regarding goods which is purchased by paying vat given to end users free of cost.does it amounts to sale, pls explain and how can we account it in vat 100.
08 December 2010
If you selling goods as free of cost to end user. you no need to deduct VAT tax. so, you have 2 options to prepare invoice.
1) You can make invoice without sale value & VAT output value (only inventory affect)
2) if you want to show the sales value for increasing the sales turnover. you must discount 100% the sales value on the same invoice for such cases and no need to deduct VAT tax.
1) You can make invoice without sale value & VAT output value (only inventory affect)
2) if you want to show the sales value for increasing the sales turnover. you must discount 100% the sales value on the same invoice for such cases and no need to deduct VAT tax.
08 December 2010
Mr Bharath,
If the goods are delivered FREE of cost to the end user and you have previously availed the input credit of the VAT paid on the purchase of such goods, you will have to reverse the VAT input so availed in respect of the goods distributed free of cost. Please check with your VAT Act for the relevant sections.
If the goods are delivered FREE of cost to the end user and you have previously availed the input credit of the VAT paid on the purchase of such goods, you will have to reverse the VAT input so availed in respect of the goods distributed free of cost. Please check with your VAT Act for the relevant sections.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
