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
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