If we issue a credit note after six months of sale, is it so that we cannot reverse the VAT amount?
Parul Bapna (Student) (74 Points)
06 March 2012If we issue a credit note after six months of sale, is it so that we cannot reverse the VAT amount?
Kolluru Krishna Murty
(Partner)
(315 Points)
Replied 10 March 2012
Yes,you are right.It should be passed on within 6 months from the date of invoice to get exempted from VAT.
kkm
Anoop
(Service)
(345 Points)
Replied 10 March 2012
Yes KKM is rightly said. In come states like Kerala & Goa where tax on sales return can reverse in 90 days and after that a dealer can't reverse tax on sales return.
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