Sale of asset
This query is : Resolved
RETHEESH KATHIROLIL
(Querist)
11 May 2012
We had made a sale of equipments to a party of other state. We are not a dealer of equipments. In this case, can we raise Bill? ( against C form )
11 May 2012
To raise a bill against C-Form, the commodities you mentioned in the form must be registered at the time of registration. If not registered earlier, you can file an application later to make additions to the list.
11 May 2012
To raise a bill against C-Form, the commodities you mentioned in the form must be registered at the time of registration. If not registered earlier, you can file an application later to make additions to the list.
CA CS Amit S. Kedia
(Expert)
11 May 2012
If the Buyer is registered dealer in the commodity sold by you, then he can produce form C to you which will further be given by you to the dept.
RETHEESH KATHIROLIL
(Querist)
12 May 2012
Is it necessary that a bill has to be raised ? or can we settle with journal entries ? shall we charge sales tax ?
CA CS Amit S. Kedia
(Expert)
12 May 2012
Yes, It is mandatory to issue an invoice if your turnover exceeds 5 lakhs in a year.
12 May 2012
It is mandatory to issue invoice as you are a registered dealer in VAT.
As regards to payment of tax, in case of sale against declaration form-c, tax shall be state sales tax or 2% whichever is less.
As regards to payment of tax, in case of sale against declaration form-c, tax shall be state sales tax or 2% whichever is less.
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