GOODS RETURNED
This query is : Resolved
CA. PRASAD
(Querist)
20 October 2008
CAN ANYONE GIVE ME VAT TREATEMENT FOR GOODS RETURNED TO SUPPLIER AND GOODS RETURNED FROM CUSTOMER.
S.Srinivasaraghavan
(Expert)
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.
CA R N Mohil
(Expert)
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
CA. PRASAD
(Querist)
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
Harish Aggarwal
(Expert)
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
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
