Sale invoice (VAT)

This query is : Resolved

( Author )
24 April 2012

Dear Sir,

I am raised a sale Invoice with loading & Packing charges as per below.

Party Dr. 10500

To Sale@5% 10000 (Inculiding Loading & Packing Charges)
To Vat Output@5% 500

Pls confirm this is right or not.

murtaza

( Expert )
24 April 2012

there are many persons who are charging vat on direct expense and others are not charging but they include expense after calculation of vat

its a matter of practice and business terms

there is no problem in it both is correct

including expense will raised output vat addition otherwise there is not difference in preparing pattern

Subhash Sharma

( Author )
24 April 2012

dear Sir,

Can i charge loading & packing charges after calculation of vat under expenditure head.

murtaza

( Expert )
24 April 2012

yes you can,

Subhash Sharma

( Author )
24 April 2012

One vendor supply many items (Electronics, paints,computer parts, electricals items, auto spare parts etc.) then how can maintain Inventory. Is it Inventory is must or not.
One another question that he do works of reparing so how can do treatement, can we cut a bill in sale invoice.

murtaza

( Expert )
24 April 2012

inventory maintain is mandatory in case of regular scheme and how can you valuate closing stock without maintaining it ?

if you a retailer & having composition scheme under vat then you don't need to maintain stock but you have to deemed you profit and according to it you need to prepare invoice

regular scheme there is a format which is used to give stock in hand as the end of month

Subhash Sharma

( Author )
24 April 2012

One another question that he do works of reparing so how can do treatement, can we cut a bill in sale invoice.

murtaza

( Expert )
24 April 2012

there are two difference of repairing expense

1, when purchase repairing or maintenance happens
2, only repairing happens

for first option you can add repairing charge or use separate invoice for repairing both is acceptable
second option you have to use separate bill book for it