Dear Sir,
What is the Effects, In case material purchased without VAT from the supplier and taken into accounts the same.
Supplier comes under the VAT and Buyyer comes under the VAT. Howmuch amount will be the penality.
2 Replies
Mr Subrata Dasgupta
(Finance Professional)
(171 Points)
Replied 30 January 2013
Dear Tirumala Y,
In order to guide you the following details are required
- Name of the State in which the transaction happened
- Whether the goods in question are taxable under the State VAT Act
- Whether the Buyer and Seller are both registered under the State VAT Act.
- Whether the invoice is made on an "All inclusive" basis.
Sonu Kumar
(Account Manager)
(665 Points)
Replied 31 January 2013
If Supplier of Material Not Charging Vat in his Invoice that means he is not a registered Dealer............. You are Not Liable to Pay any penalty..... but cant take input credit on material so purchased..............you will pay all output tax on the good which has been produced from Material.
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