Manju (Accountant) (47 Points)
14 October 2008Hi,
We had issued some Vat Bills for Fy 2007-08 and our accounts are closed after audit for the same. Can we now cancel the Vat bills issued during FY 2007-08?
If so, how can we utilise the Vat/Cst amount paid by us against these invoices. Will we be able to get any credit on this amount to set off against current year's Vat Invoices.
Plzz Help. Very Urgent
CA Thomas Raju Paravada
(Chartered Accountant)
(570 Points)
Replied 14 October 2008
hai manju
I think ur query is relating to sales returns.
If a sale is made but the goods are returned after long time i.e., after 6 months of sale u need not adjust the VAT amount paid. u adjust only the sale amount - VAT
For ex Rs 100 sale made and the same is returned u adjust Rs 100- 12.5(vat)= 87.5 ONLY
J.K.Vaghela
(Owner)
(0 Points)
Replied 15 October 2008
| Originally posted by :Thomas | ||
| " |
hai in above case , what about input vat credit. |
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