Transit sale
This query is : Resolved
19 February 2012
What is transit sale in case of within state sale & interstate? What is VAT treatment in case of transit? Pls exlpain with example
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.
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.
Message likes :
1 times
21 February 2012
I agree with CMA Ramesh , but i have doubt in my mind
Whether goods purchasd from local dealer and when the goods are in transit it is sold by transfer of document of tile, will it b transit sale.
Whether goods purchasd from local dealer and when the goods are in transit it is sold by transfer of document of tile, will it b transit sale.
Message likes :
1 times
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
Message likes :
1 times
07 October 2013
Thank you sir , it clears my basic doubt about transit sales.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
