Rounding off- Tax amount in invoice
This query is : Resolved
Bhavik Davda
(Querist)
25 February 2010
Respected Experts,
Is it any rule or notification which specify that the sales tax amount is to be shown exactly in decimal and not to be rounded off to the nearest rupee. To the best of my knowledge i have heard that the same is to be shown exactly in the invoice i.e. with decimals. Kindly provide me the assistance in this reagards asap. With Lots of Thanks
Bhavik Davda
Is it any rule or notification which specify that the sales tax amount is to be shown exactly in decimal and not to be rounded off to the nearest rupee. To the best of my knowledge i have heard that the same is to be shown exactly in the invoice i.e. with decimals. Kindly provide me the assistance in this reagards asap. With Lots of Thanks
Bhavik Davda
CA. O.P. Agarwalla
(Expert)
18 April 2010
From your question it is not clear that for which tate you are talking about.
In Assam, VAT in Invoices should be charged on actual (no rounding). At the time of filing periodocal returns, the amount of sales and purchase should be rounded to nearest ten Rs. and the amount of VAT output/Input etc should be rounded to nearest Rupee.
In Assam, VAT in Invoices should be charged on actual (no rounding). At the time of filing periodocal returns, the amount of sales and purchase should be rounded to nearest ten Rs. and the amount of VAT output/Input etc should be rounded to nearest Rupee.
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