Purchase returns after 6 months
This query is : Open
Prithviraj V Mehta
(Querist)
22 August 2011
The assessee had purchased taxable goods @ 12.5% in the year 2006 and input tax was claimed. But, due to no demand of goods, it was lying in stock and after 4 years in the year 2010-11, it was returned to the supplier. Whether input tax claimed earlier has to be reversed in the year 2010-11 and also clarify at which rate it has to be reversed. (Debit note raised to10,20,100/-). under karnataka vat act.
CA Ayush Agarwal
(Expert)
22 August 2011
it should be reversed @12.5 i.e same rate only.
because 6 month case applies in sales retun not rurchase return
because 6 month case applies in sales retun not rurchase return
21 December 2012
Hi Ayush,
Can you tell which section/rule says that this 6 month rule is not applicable on purchase return cases under karnataka VAT
Can you tell which section/rule says that this 6 month rule is not applicable on purchase return cases under karnataka 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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Rectification under processing even after 6 months cpc portal
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Capital gain on commercial property and investment in residential property
- Appointment of Auditor By Form ADT-1
- 18% Rent a cab
- ARCA LOGIN
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
