internal transfer suggestion
This query is : Resolved
25 November 2009
if mr.x and mr.y are brothers and run a same business form a same location but with different company name on proprietorship basis.bothe file income & sales tax returns. what is the suggestion of internal transfer of goods between both of them to minimise VAT. (facing vat on purchase as well as on transer plz suggest)
thank you in adv.
thank you in adv.
25 November 2009
Ofr one it will be output VAT while for the other it will be input VAT. So the balance payable receivable will remain same.
25 November 2009
i agreed with experts. But again you can show the stock transfer is on consignment basis. I think on that you no need to charge a VAT. Then at the year end prepare a sale bill only for those goods which sold by the other party.
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