11 April 2009
Expenses collected from customers, which were part of sale price, escaped to be added in sale price. Now in march, on all such Expenses vat was collected and paid. The qs. is whether now all the returns filed till now should be revised and whether tax invoice should be issued in the date of original sale? OR only the return of march will be affected? (dealer is filing monthly vat returns)
11 April 2009
IF I AM IN YOUR PLACE I WOULD GIVE THE NECESSARY EFFECT IN MARCH 2009 RETURN, IT WILL BECOME A MATTER OF RECONCILING THE ANNUAL FIGURES OF PREV PERIOD ADJUSTED IN MARCH BUT THAT WOULD BE MORE SIMPLE & BENIFICIAL RATHER THAN REVISING ALL OTHER RETURNS. IT CAN EVEN BE ACCEPTED BY VAT DEPT DURING VAT BUSINESS AUDIT
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