Dvat return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 If sales of Local Vat5% is of Rs.10,00,000 and credit note raised are of Rs.2,00,000 then what amount should be reported in return 10lakhs or 8 Lakhs???

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2012 Pls someone reply

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

21 July 2024 In the context of VAT (Value Added Tax) returns, the amount to be reported typically depends on whether the credit note has been issued within the same tax period or not. Here’s how it generally works:

1. **Credit Note Issued in the Same Tax Period:**
- If the credit note of Rs. 2,00,000 has been issued within the same tax period as the sales of Rs. 10,00,000, then the net taxable value for reporting on the VAT return would be:
- Sales (Rs. 10,00,000) - Credit Note (Rs. 2,00,000) = Rs. 8,00,000
- Therefore, in this case, you would report Rs. 8,00,000 in your VAT return.

2. **Credit Note Issued in a Subsequent Tax Period:**
- If the credit note of Rs. 2,00,000 is issued in a subsequent tax period (after the tax period in which the original sales were recorded), then for the initial tax period:
- You would report the full sales amount of Rs. 10,00,000.
- In the subsequent tax period when the credit note is issued, you would adjust the output tax accordingly to reflect the correct taxable amount after deducting the credit note.

### Conclusion:
Based on the information provided:
- If the credit note of Rs. 2,00,000 is issued within the same tax period as the sales of Rs. 10,00,000, you should report Rs. 8,00,000 in your VAT return.
- Always ensure to follow the specific guidelines and regulations of your state or country regarding VAT reporting and adjustments to credit notes to ensure compliance with tax laws. If in doubt, it's advisable to consult with a tax advisor or contact the VAT authorities for clarification.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

KANHA ASSOCIATES

Smrity

Rajasekar

Rajesh

Subscribe Now

Dvat return

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA