Vat credit-sales returns

This query is : Resolved 
 

(Querist) 25 June 2012

Dear all,

What is the time limit of taking sales returns - is it 30 days/ 60 days or 6 months.

Regarding Karnataka VAT.

Where I can see the Act/ Rules regarding same.

Any Fiancial yera limit is there?

We have sale returns w r t sale of 27th March 2012. Is it OK?

Regards
Anil


RENGARAJ R.K (Expert) 26 June 2012

The sales return allowed period is 6 months. Therefore your sales return date 27.03.2012 is eligible.

Please refer section 30 of the Karnataka Value Added Tax Act, 2003.

When you issue credit note, the party should issue a vat debit note for the same amount, which please note.

rengaraj r.k



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