Hi
What is The difference between
Retail Invoice V/S Tax Invoice
Thanks & Regards
Ganesh
GANESH PUNEKAR (Finance Officer) (62 Points)
11 June 2008Hi
What is The difference between
Retail Invoice V/S Tax Invoice
Thanks & Regards
Ganesh
subramanya
(Professional)
(907 Points)
Replied 12 June 2008
Dear Ganesh,
The Definitions for Tax invoice and Retail Invoice differ from State to State. However, Please find the below given Guidelines of Tax Invoice and Retail Invoice(of Punjab VAT).
Guidelines for introduction of VAT Invoice
1. VAT Invoice is the most important document under VAT system.
2. VAT Invoice establishes the tax liability of the seller and is the evidence for deduction of input tax credit by the purchaser.
3. VAT Invoice is to be issued only by selling taxable person to the purchasing taxable person.
4. Section 45 of Punjab VAT Act, 2005 read with rule 54 & 55 of Punjab VAT Rules prescribes the particulars required to be filled in VAT Invoice and Retail Invoice. VAT Invoice shall contain the following information :-
(a) Name, address & VAT registration number of the seller
(b) Date of issue of the Invoice
(c) Mechanically printed Serial No. of the Invoice
(d) Quantity and descripttion of the goods sold
(e) Unit price and the amount charged (excluding VAT)
(f) Amount of VAT charged
(g) Name, address & VAT registration number of the purchaser
(h) Serial Number of the Form VAT-XXXVI (applicable in inter-state transaction) (not operative at present)
(i) Serial Number of Form VAT-XXXVI in case of sale/transfer of goods out side the State. (not operative at present)
(j) GR.No. and name of the Transport Co., where applicable
(k) Signature of authorized person
5. VAT Invoice should be prepared in triplicate i.e. original, 2nd copy and the 3rd copy.
6. The original invoice is to be issued to the purchases and the 2nd copy of the VAT Invoice is meant for transport & 3rd copy to be retained by the seller.
7. Purchaser taxable person shall claim input tax credit on the basis of original copy only. The original copy shall carry the note Input Tax Credit is available to a taxable person against this copy.
8. First copy shall be made available by the purchaser to the department, as and when required, for the purpose of cross-verification of sales reported by sellers and purchases reported by purchasers.
9. 2nd and 3rd copy must be marked as this copy does not entitle the holder to a tax credit. The 2nd copy shall carry the note This copy does not entitle the holder to claim Input Tax Credit
10. Colour of copies of VAT Invoice should be made different from that of the original for easy identification.
11. Those opting for registration as TOT dealers shall issue Retail Invoice which shall also be in duplicate.
12. The Retail Invoice shall carry all the details prescribed for VAT Invoice in clause a, b, c, d, j and k at point 4.
With regards,
Subramanya
GANESH PUNEKAR
(Finance Officer)
(62 Points)
Replied 14 June 2008
Dear sir,
Thank you for your valuable information.
one another query is as per Maharashtra Vat above guidelines same.
wirh regards
subramanya
(Professional)
(907 Points)
Replied 17 June 2008
sankar024
(Finance Professional)
(35 Points)
Replied 06 October 2008
the tax invoice means , it is purely for manufacturing unit and retail invoice means u may buy the materials frm one and sell to another and enjoy the input tax. where as in tax invoice u cant bcz u buy the raw materials and convert to the finished goods and sell.
CA. O.P. Agarwalla
(C.A.)
(2916 Points)
Replied 11 October 2008
Tax Invoice can be issued by only registered dealers as per the guidelines only. ITC can be taken by purchaser only against tax invoices. Tax invoices are issued in cases where purchaser wants to get the benefit of ITC.
CA. O.P. Agarwalla
(C.A.)
(2916 Points)
Replied 11 October 2008
Retail invoices are issued to other sales (includiong inter state sales).
steve
(Retail manager)
(22 Points)
Replied 20 June 2009
Thanks for the detail information on both the topics, I have cleared now about the retail invoioce and Tax invoice, thanks for giving this information rightly, i really need it now. We are best retail consultants around the globe offers best solutions for the strategic management and retail operations.
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Ca ratish
(guiding)
(102 Points)
Replied 04 May 2010
Tax Invoice: When a company sells a product to distributor or any person in the supply chain but not the end user then Tax invoice is generated because it is going to be resold. To issue a Tax Invoice the person who purchases a product must have TIN (Tax Identification Number). Retail Invoice: When an end user of the product is purchasing then consumer receives the retail invoice. Main and straight difference between Tax Invoice and Retail Invoice is Tax invoice is entitled to Input Tax Credit in (VAT) whereas Retail Invoice is not because product is not going to be resold by consumer. thanx...........
john
(LEARNER)
(549 Points)
Replied 08 May 2010
In mumbai at manish market/ crawford market/ sahara market and many more in the adjacent areas
almost 90% of the shop keepers both purchases & sales in cash. the supplier there are all(90%) cash dealers-unregistered dealers.
in such a situation if one wants to maintain his accounts & pay tax (income tax is OK we can proceed) but MVAT?
(if he ask bill from the supplier they say plz approach some one els, & if he will sell along with tax customer will leave him saying there r many other shops)- from both side if he goes for the RIGHT, he suffer nothing but loss and end up just paying HUGE RENTS.
Q. IN SUCH A CASE HOW SHOULD ONE MAINTAIN PURCH / SALE IF HIS TURN OVER EXCEEDS RS. 5,00,000/-
Jyoti Kumar
(Internal Audit & Compliance)
(21 Points)
Replied 06 October 2010
Can a VAT Invoice be signed digitally by the authorised person?
Manjeet goswami
(22 Points)
Replied 19 March 2016
is vat to be paid on retail invoice to the state government...?
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