18 January 2012
Dear all I need your suggestion on the following asap: My company ABC Ltd which started its operation in the last year(2010-2011) made its sale invoice in excel since its inception. However in the current financial year(2011-12) it changed its format and now bills are generated through tally since Oct,2011.Is my company is in default in doing this. is there any penal provisions that are liable on this.vat & CST is charged on the sales.
As long as the requirement of the law are complied with in respect to the contents / disclosure of a TAX INVOICE as per the local VAT rules, there are no penal provisions for changing in the mode of issue or change in for format of the invoice.
CAclubindia
