GOODS RETURNED
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 November 2010
AS PER MAHARASHTRA VAT ACT GOODS RETURN WITH IN SIX MONTH THEN ONLY VAT IS TO BE REFUNDED BUT ONE PARTY SAYS ME INSTED OF SHOWING GOODS RETURN I AM SENDING SALES BILL AND YOU SHOW AS PURCHASES SO QUESTION OF TIME LIMIT DOES NOT ARIES IS THIS OK?
16 November 2010
If the goods are defective and are returned, it will amount to goods returned. But if the goods are defective and purchaser refuses to pay the price of the same, and therefore the seller sues the purchaser, it will not amount to goods returned. VAT will be payable of the same. [Please see 142 STC 182].
Prescribed time limit of 6 months is not applicable if the sale itself is cancelled and the goods are not delivered. [Please see 134 STC 14]
THEREFOR
Rule 3 of Maharastra Value Added Tax Rules 2005, [referred as VAT Rules] prescribes the period allowed for goods returned, which is of 6 [six] months. It is calculated from the date of sale.
Prescribed time limit of 6 months is not applicable if the sale itself is cancelled and the goods are not delivered. [Please see 134 STC 14]
THEREFOR
Rule 3 of Maharastra Value Added Tax Rules 2005, [referred as VAT Rules] prescribes the period allowed for goods returned, which is of 6 [six] months. It is calculated from the date of sale.
16 November 2010
Yes, you can do. but, Party must have TIN (holder) no. and he must pay tax for the same.
16 November 2010
YES,
Prescribed time limit of 6 months is not applicable if the sale itself is cancelled and the goods are not delivered. [Please see 134 STC 14]
Prescribed time limit of 6 months is not applicable if the sale itself is cancelled and the goods are not delivered. [Please see 134 STC 14]
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
