GOODS RETURNED
This query is : Resolved
20 October 2008
CAN ANYONE GIVE ME VAT TREATEMENT FOR GOODS RETURNED TO SUPPLIER AND GOODS RETURNED FROM CUSTOMER.
21 October 2008
VAT credit will be expunged on return to supplier.
What credit will be taken in on return from customer.
What credit will be taken in on return from customer.
21 October 2008
In case of Sales return the vat is not payable on goods return or vat liability will be on net sales
In case of purchase return the vat credit is not available on goods return or vat credit will be on net purchases
In case of purchase return the vat credit is not available on goods return or vat credit will be on net purchases
21 October 2008
Dear R N Mohil Sir, can u please elaborate on the same regarding whether for purchase return Credit Note of Supplier is necessary and if yes, whether purchase and vat amount should be separately mentioned on the said Credit Note
25 October 2008
Dear Mr. Prasad
If Goods is returned within the six months of Sale/Purchase than Tax amount involved in return value can be reversed.
At the time of goods returned to supplier, issue a Debit Note to supplier with saperate tax shown in DN (if goods returned within 6 months)
& same in Sales Return from Customer issue a Credit Note to customer
If Goods is returned within the six months of Sale/Purchase than Tax amount involved in return value can be reversed.
At the time of goods returned to supplier, issue a Debit Note to supplier with saperate tax shown in DN (if goods returned within 6 months)
& same in Sales Return from Customer issue a Credit Note to customer
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