vinayak c. chavan (CPT passed) (1011 Points)
06 December 2012We are pvt ltd co. One of our customer returned us some good in May 2012 purchased by him in March 2012. But for this we have not raised credit note against him. Now in December 2012 that customer want to raise credit note agaisnt him for same transaction. How shoudl i give effect of VAT in credit note. Will sales tax department allow if credit note if given after 6 months whihc includes VAT?
ashok
(Qualified CA)
(34 Points)
Replied 06 December 2012
hi frnd.
You can not file a revised return becoz it exceeds 6 months from the date of original filing of such return.
Present you have alternative choice to issue credit note against your debtor is that raise the credit note with amount of sales excluding VAT on such sales .
becoz, when you sold the goods ,you already paid OUTPUT VAT and The debtor might be claimed VAT CREDIT. Now both of you dont have a choice to file a revised return.
Example: Credit Sales Rs.1000/- vat 14.5%
Entry on the date of sale:
Debtor A/c. Dr 1145
To Sales 1000
To OUT PUT VAT 145
Now you required to pass raise credit note only for 1000/- .
It is my opinion only
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 06 December 2012
you can revise return as per sec - 28 of DVAT Act, which states that u can revise return with in 1 year from the date of original return filled.!
You make a credit note for the amount including VAT.!
Piyush Tanwar
Article Assistant at Tiwari & Associates
Mobile- 9717468521
email-imcoolpiyush.tanwar @ gmail.com
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