Mistake in charging VAT
This query is : Resolved
Neetinkumar Vora
(Querist)
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.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Capital gains in IT returns
- Intimation under section 245
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
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
