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Difference between tax invoice and retail invoice (Audit)

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This query is : Resolved


( Author )
28 May 2010

What is the difference between TAX Invoice and RETAIL Invoice? Please explain briefly


CA.Amit Revankar

( Expert )
28 May 2010

Tax invoice is issued when indirect tax is charged on sale and same is indicated in invoice by any mode for eg. showing the tax amount directly or indicating in invoice that sale amount inclusive of tax, whereas retail invoice or cash memo are issued when no indirect tax is charged in invoice For eg Dealer exempted from tax or dealer is covered under composition scheme or any other reason.


CA PARAS BAFNA

( Expert )
29 May 2010

In addition to above VAT credit can be availed only against TAX invoice.


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