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Credit note

This query is : Resolved 
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(Querist)
19 August 2013 RAWMATERIAL PURCHASE PRICE 8892.00 + VAT AMT @ 5% 445.00 DT. 06.08.13
CREDIT NOTE RECEIVED FROM PARTY RS. 750/- FROM THE SAID PARTY FOR RATE DIFFERENCE
MY QUESTION IS IN SALES TAX RETURN PURCHASE PRICE WHICH AMT TO SHOW ? IS IT 8892.00 OR AFTER DEDUCTING 750/- FROM 8892.00 = RS. 8142.00
ALSO INPUT VAT TO BE TAKEN RS. 445/- ? OR 8142X5% = 407.00 ?

PLEASE GUIDE
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
19 August 2013 In my opinion you should treat credit note as financial transaction only i.e. don't make any adjustment/revised in sales invoice.

Simply credit debtor by Rs. 750/- only and make your sales return on the basis of earlier sale invoice.

Note: yes you can revised your earlier invoice but procedure is so lengthy and immaterial & also may cause problem at the time of reconciliation from your debtors. Because generally gross amt of invoice are booked & credit note are made only difference amt. without making any adjustments in Tax A/c
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