Sales return is more than sales (impact in vat audit)
This query is : Open
07 December 2015
hello,
I am facing problem in filling MVAT Audit Report 704.
the case is as follow:
Sales made in the month of March 2014 Rs. 1.83 crores which (same invoice)Return in the month of June 2014 (i.e. within 6 month) and the total sales of FY 2014-15 is 83 lakh (i.e.Less than Sales Return).how to give impact of same in VAT Audit report 704.
I tried recording this case in form 704 but it is showing Error that sales return can't be more than sales.
Can any one please tell me how can I Solve this issue.?? or any other option regarding this case.??
I am facing problem in filling MVAT Audit Report 704.
the case is as follow:
Sales made in the month of March 2014 Rs. 1.83 crores which (same invoice)Return in the month of June 2014 (i.e. within 6 month) and the total sales of FY 2014-15 is 83 lakh (i.e.Less than Sales Return).how to give impact of same in VAT Audit report 704.
I tried recording this case in form 704 but it is showing Error that sales return can't be more than sales.
Can any one please tell me how can I Solve this issue.?? or any other option regarding this case.??
09 December 2015
I am answering your query assuming Form 231 is applicable to your client.
In row 8 where GTO is asked enter your sales: 83lacs (assuming it is the GTO)
In row 11 enter: 83 lacs
Your Net Turnover will be 0.
Now in ROW 86 enter the amount you are claiming as refund from the department.
In part I Line 91 also enter the same.
In Part I line 143 5)a) enter your explanation that the Goods returned are more than the sales.
Hope your problem is solved
In row 8 where GTO is asked enter your sales: 83lacs (assuming it is the GTO)
In row 11 enter: 83 lacs
Your Net Turnover will be 0.
Now in ROW 86 enter the amount you are claiming as refund from the department.
In part I Line 91 also enter the same.
In Part I line 143 5)a) enter your explanation that the Goods returned are more than the sales.
Hope your problem is solved
10 December 2015
Thank you very Much Madam. but Have 1 doubt about same case.
in form 704 -> Sch I -> in row no.20 to 34
is this necessary to give Details (i.e.Tax wise) of Sales turnover...??
in form 704 -> Sch I -> in row no.20 to 34
is this necessary to give Details (i.e.Tax wise) of Sales turnover...??
10 December 2015
As per my last explanation the NET turnover will be NIL so you are not required to fill anything in Row 20 to 24. Even if you do so it will not be accepted as the same should match.
10 December 2015
ok. solve the issue.
Thank you...! very much.
ok. solve the issue.
Thank you...! very much.
10 December 2015
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