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[urgent-help] retail invoice issued instead of tax invoice

(Guest)

Hi! We have issued retail invoice instead to TAX Invoice to registered dealer with TIN number in same city. I'm from gujarat. Same has already been submitted in Tax department & we came to know this later i.e. now. This thing happened back in mid of 2011 by mistake of biller. So how can i correct this?

Party to whom invoice is issued is saying that no tax can be claimed by them from department as retail invoice is issued..

Kindly help.

In anticipation of a quick response & solution to this issue,

Thanks....

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4 Replies

MJ Krishnamurthy (ACCT(Retd)) (7197 Points)
Replied 19 March 2012

Mr Rahul,

Any retail invoice also should be a tax invoice,if you are collecting and paying taxes on sales.Some times for small value products colective issue of invoices and including tax in the price are allowed. If you have issued a non-tax invoice,it means that you have neither colleted nor paid tax on it to the govt. If you have paid tax to the govt on this transaction you can issue a revised bill with tax to your customer.

MJK

Murtaza I Bhagat (Tax & Finance Consultant) (10523 Points)
Replied 04 April 2012

correct say krishnamurthyji,

sometimes these kind of mistakes are happens everywhere, afterthan people realised what to do, but as per your opinion i must say rahul would received clearcut solutation. retail invoice means is not means non creditable invoice. when buyers avoid or forgot to give their TIN/VAT no then seller gives retail invoice it doesn't means wrong thing happened.

if you have bifurcate input vat in retail invoice then tell them to take credit of that retail invoice. when dept. will ask you need to show that retail invoice at the time ot assessment.

nothing else needed

shailesh kumar (wholeshelar) (23 Points)
Replied 01 October 2012

i am registered dealer.but by mistake other register dealer issued retail invoice to me.i see it later.can i take vat credit on those bills. i sold goods .urgent help me

Murtaza I Bhagat (Tax & Finance Consultant) (10523 Points)
Replied 02 October 2012

As per rules only "TAX INVOICE" credit can be take into input but somehow whenever seller forget to give tax invoice instead of retail invoice it doesn't effect the tax payable of seller. so in my view if seller pays right tax then you can take credit on it but when any assessment raised you have to explain about retail invoice credit