20 February 2012
Sales in transit which made the sale through transfer of documents while goods in transit
Incase doing transfer of documents in inter state sales then it is inter state sales in transit. otherwise local sales.
Example Mr. A in state of Karnataka selling goods to Mr.B in Kerala. while goods are in transit from Karnataka to Kerala, Mr.B(Buyer) doing sale by transfer of documents through one more dealer Mr.C Tamilnadu. then that sales called Sale in transit.
21 February 2012
yes. sale in transit is concept is the same under local purchase and selling the transfer of documents.but the effect of taxes will not be there in sales in transit in local purchase
CAclubindia
