Reversal of Input VAT
This query is : Resolved
Ravi Kiran
(Querist)
14 March 2009
Dear Sir,
we have booked the Purchase bill of vendor and after two months we have come to known that we dont need to pay the amount to the vendor because of defect in the material my question is that at the time of booking the bill we taken the input vat credit and accordingly we have taken the set off now we want to write off the balance amount of vendor The input vat credit taken is also need to be reversed on account of balance written off
Regards
Ravi Konda
we have booked the Purchase bill of vendor and after two months we have come to known that we dont need to pay the amount to the vendor because of defect in the material my question is that at the time of booking the bill we taken the input vat credit and accordingly we have taken the set off now we want to write off the balance amount of vendor The input vat credit taken is also need to be reversed on account of balance written off
Regards
Ravi Konda
Ram Avtar Singh
(Expert)
14 March 2009
Rejected metarial send back to party through your invoice and mention (rejected goods return against your invoice no. *** dated***) it will automatically adjuste in your account.
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