URD PURCHASES

This query is : Resolved 
 

(Querist) 05 January 2009

A DEALER PURCHASES THE GOODS FROM UNREGISTERES DEALER IN A PARTICULAR MONTH FOR Rs.10000,AND IN THE SAME MONTH HE SOLD ALL THE PURCHASES MADE FROM URD @ RS. 12000, GOODS CARRY A TAXABLE RATE OF 4%.DO LET ME KNOW HOW TO ACCOUTN IN THE MONTH RETURN AND WHAT WOULD BE THE TAX LIABILITY FOR THAT MONTH?


CA Hemant T Dewani (Expert) 05 January 2009

your purchase is urd so you are liable to pay tax on sales if your sales are inclusive of all taxes then you will calculate reversed working & show urd purchase & pay tax @4% tax

rachit shah (Expert) 05 January 2009

avail credit of URD purchases and show as payable. thus, no liability for the same would arise..

rathish kumar.c.c (Expert) 16 January 2009

firstly pay the tax on urd purchases and then take the credit for utilisation



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