We 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?
Menu
Vat in credit note?
Replies (2)
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
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
Recent Topic
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
Related Topics
CAclubindia
