Tahseen Tabassum (CA-FINAL) (644 Points)
16 April 2009Can anyone let me know what is the difference between Tax Invoice and Trading Invoice and at what circumstances these two Invoices are raised.
Kapil Dev
(Manager Indirect Taxes)
(65 Points)
Replied 20 April 2009
VAT invoice is raised by a taxable person when goods are sold to another taxable person. The vat invoice entitles the purchaser to claim VAT input credit subject to other conditions contained in the relevant VAT Act.
Where as a retail invoice issued exactly in opposit circumstances and holder of a retail invoice can not claim input credit on the strenght of retail invoice
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