MRP Sales
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2009
Sir,
Our clients are manufacturers of cement having a factory in Andhra Pradesh. They have a warehouse in Bangalore. They sell cement bags on MRP to dealers who in turn sell them to their customers on the same MRP. A margin is given to the dealers on each bag for which a credit note is raised.
Can VAT be reversed in the credit note? If not, are they not paying excess VAT to the extent of VAT on the margin money? The invoice cannot be raised allowing for the margin since it is MRP sales. Neither can this be shown as a discount. How then can we reverse the VAT on the margin given to dealers?
Our clients are manufacturers of cement having a factory in Andhra Pradesh. They have a warehouse in Bangalore. They sell cement bags on MRP to dealers who in turn sell them to their customers on the same MRP. A margin is given to the dealers on each bag for which a credit note is raised.
Can VAT be reversed in the credit note? If not, are they not paying excess VAT to the extent of VAT on the margin money? The invoice cannot be raised allowing for the margin since it is MRP sales. Neither can this be shown as a discount. How then can we reverse the VAT on the margin given to dealers?
15 November 2009
if any credit note raised by seller within 6 months of sale date, where it is shown that basic+excise duty+VAT separatly. VAT can be claimed.
the condition is that, Excess VAT should not beard by purchaseser.
the condition is that, Excess VAT should not beard by purchaseser.
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
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- ITR-Capital Gain
- IT returns for fresh job holders
- F&O reporting in ITR
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
