TIRUMALA (MBA) (111 Points)
31 January 2013
My Question is that Supplier and Buyer is same State i.e AP and both are registered under the VAT. VAT is taxable on the material.
In case of material purchased with out VAT (i.e not included in the bill) and the same was taken in to accounts by the buyer. What is the consequences.
Buyer is loss or gain
Sonu Kumar
(Account Manager)
(665 Points)
Replied 01 February 2013
In this Case There is no loss or gain for the buyer because if he has not paid tax on material then he can not take input tax credit on it and will have to pay full amount of output tax.
A registered Supplier Should Charge VAT on his invoice otherwise Sales Tax department Collect Tax from Supplier
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