Purchase return and vat
This query is : Resolved
Varun Gupta
(Querist)
16 January 2013
We had purchased good in the month of Dec 2011 worth Rs.75 lakhs. In Dec 2012 we had to return the goods to the seller for some reason. They have provided us a credit note for the same mentioning the VAT amount separately on the same.
We had taken the VAT set off at the time of purchase.Now After more than a year we have made the purchase return.
How should we go ahead with the TAX payments?
Do i have to pay the VAT now?
or Should we just give a debit note for the same seller and make no VAT payments?
Kindly clarify the same.
We had taken the VAT set off at the time of purchase.Now After more than a year we have made the purchase return.
How should we go ahead with the TAX payments?
Do i have to pay the VAT now?
or Should we just give a debit note for the same seller and make no VAT payments?
Kindly clarify the same.
Guest
Guest
(Expert)
16 January 2013
The client will be required to reverse the VAT input credit claimed in the year of purchase. So now the client may be required to make payment of VAT.
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Urd purchase entry in tally prime
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
