Same value of output and input

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2012 if a dealer billed other dealer at a same rate which sold by other dealer at a same price.and then 1st dealer issue a credit note for difference amount to other dealer.how should other dealer take input for vat calculation? pls reply soon.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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08 November 2012 Mr Author,
The second dealer should only rectify his return,if already filed,to reduce the excess input claimed and pay the diffrence of tax.If not,make necessary accounting entries and declare the correct amount of purchase figures in the returns....MJK