Input tax restrictions on purchase return
This query is : Resolved
Shankar Rao
(Querist)
31 January 2014
Dear all
We have covered under Karnataka value added tax Act 2003. we have made purchase return to our supplieer after six months. Are we supposed to reverse the input tax claimed on purchase.kindly let me know
thanking you
with regards
We have covered under Karnataka value added tax Act 2003. we have made purchase return to our supplieer after six months. Are we supposed to reverse the input tax claimed on purchase.kindly let me know
thanking you
with regards
Dheerendra
(Expert)
04 February 2014
After the six months from the date of purchase you can not treat the purchase transaction as purchase return and reverse the input tax ,you have to raise the tax invoice for that purchase return with applicable tax and have to treat the same as sales.
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