18 February 2010
WE A PHARMACEUTICAL COMPANY TRANSFERED STOCKS TO A PARTY FROM BANGALORE TO DELHI AGAINST F FORM. NOW, IN THAT TOTAL STOCK WE NEED TO TRANSFER SOME ITEMS TO ANOTHER PARTY AT DELHI. PLEASE INFORM HOW IT CAN BE DONE?? ON WHAT BASIS IT SHOULD BE ACCOUNTED? HOW IT SHOULD BE ACCOUNTED?
18 April 2010
Your question is really a tough one to answer. Stock lying with the ist party at Delhi belongs to you.And the Ist Party at the Delhi is liable to VAT deptt for payment of VAT on the sale.
In this case, presently I can think of two options:- a) 1st party at Delhi may sell the goods on your behalf to the second party agt Tax invoices and thus thre will be no double taxation and no extra tax cost.
b) Your agent (1st party) may transfer the stock to other agent on your instruction. But he question is this that the said transaction will not be covered by any F form. And accordingly your 1st party will be liable to prove before the assessing officer that the said goods have been a subject matter of tax in Delhi by the 2nd party.
CAclubindia
