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imortant

shushantsinghal (BCOM(HONS),C.A) (283 Points)

07 July 2010

hiii

one of a pvt ltd company has made a central sale against c form on 31.12.2009....

customer has issued a debit note against such bill on 30.6.2010...

plz tell me what to do......

abt CST, CLOSING STOCK , WHEN TO HBOOK SUCH DEBIT NOTE ...

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4 Replies

Amir (Learner) (4016 Points)
Replied 07 July 2010

Dear Shushant,

I am sure but I think for CST u will have to revise ur return.

In Books - If accounts ( P/L n Balance Sheet ) for the year 2009-10 have already been closed brfore 30.6.2010 then it will be adjusted in FY 2010-11 as a normal item if amount is not material.

If Accounts are still pending then it will be treated according to AS-4, Events occuring after Balance sheet date ....but even then it is most likely that it will be a non adjusting event & will be accounted for in FY 2010-11 only.

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Somshekar (Rankholder) (-) (158 Points)
Replied 07 July 2010

Originally posted by : shushantsinghal
	If debit note is for sale return that to within 6 months you can reverse the entry and show as receivable and revise the return

Nitin Grover (CS) (1228 Points)
Replied 08 July 2010

Dear Shushant

No need to revise the return because sale has been dont in 3rd quater and sale return in done in 1st quater of next year means to say that both transaction has been done in diff quarter.

Revised Return can be done only if same has been done in same quarter and forget to record.

Tax can be claimed only if sale return has been done within 6 mnths

so record return in April - June Quarter only and not revise the return deduct Tax from current CST.

Regards

G M Narasimha (CA ) (110 Points)
Replied 08 July 2010

as per my knowledge and any sales returns made or for debit note with in 6 months Vat on the same is to be reversed, consequently the VAT 100 is to be revised and if the sales returns or debit note is raised after the 6 months nothing to be done like revision of VAT 100 or adjustment to the stock.