LIABILITY OF VAT / EXCISE RETURN

This query is : Resolved

vilas chandalia (Querist)
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22 October 2010 WE ARE CONSIGNMENT STOCKIEST OF M/S. INDIAN OIL CORP LTD FOR THEIR POLYMERS

1) OUR SALES INVOICE IS BEEN GENERATED BY M/S; IOCL SAP SYSTEM
2) IF IOCL SAP SYSTEM Generate Invoice on 30/07/2010 at 12.30hours and for some reason the delivery from our warehouse effected on 02/08/2010.

In this scenario

Our sales as per VAT Department VAT liability would in which period in JULY or AUGUST

And as per Excise in which period we should show the invoice and what is maximum time for removal of goods after the preparation of Invoice

PLEASE REPLY

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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22 October 2010 Delivery is no matter, it depends on various factors like transport , labour etc. VAT liability depends on Sales. If sales is booked in the month of July, the VAT is payable in August.

See, as per Excise , there is no time bar for removal of goods after preparing the invoice, the only thing is duty has to be paid at the time of removal of goods. If you are paying the duty in July , the material can be moved in August.

Madhukar N Hiregange

Madhukar N Hiregange (Expert)
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23 October 2010 The correct procedure is that the old invoice has to be cancelled on non deleivery and a new invoice raised fro the supply on 2nd.

In that case the duty liability for VAT/CE would align.

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