Mistake in charging VAT
This query is : Resolved
22 June 2011
Dear Sir,
I am a traders of dispseble surgical items.
I purchased a surgical item[first time for trading purpose] and my purchaser told me that this item will come under 12.5%of VAT.and so i charged my client 12.5%.and collected the payment against delivery.when i recd.bill from my purchaser,he charged me VAT@5%instead of 12.5%and than he clarified me that sorry,this item comes under @5%of VAT.
So please tell me that i have done any offence?what is the procedure to return the amt.of difference to my client?
please reply me.
I am a traders of dispseble surgical items.
I purchased a surgical item[first time for trading purpose] and my purchaser told me that this item will come under 12.5%of VAT.and so i charged my client 12.5%.and collected the payment against delivery.when i recd.bill from my purchaser,he charged me VAT@5%instead of 12.5%and than he clarified me that sorry,this item comes under @5%of VAT.
So please tell me that i have done any offence?what is the procedure to return the amt.of difference to my client?
please reply me.
22 June 2011
You can issue a credit note to the buyer for excess amount charged.
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