If we issue a credit note after six months of sale, is it so that we cannot reverse the VAT amount?
2 Replies
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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