Sale return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2012
sir i have a question about sale return.
i working with company wich installed cctv camera and all security systems.
the company raised the bill of cameras amount of 354000/- dt 01.01.2012 and company paid tax 12.5%.44250.and this bill cancel after 2 days..
but company not raise sale return. but they have to paid tax liability.
plz tell me can we raise sale return bill in october 2012 and adjut tax in month of october 2012. this is possible.
i working with company wich installed cctv camera and all security systems.
the company raised the bill of cameras amount of 354000/- dt 01.01.2012 and company paid tax 12.5%.44250.and this bill cancel after 2 days..
but company not raise sale return. but they have to paid tax liability.
plz tell me can we raise sale return bill in october 2012 and adjut tax in month of october 2012. this is possible.
09 October 2012
According to the VAT sales return will be acceptable if the returns are done with in the reasonable time from the date of sale and then only credit of tax paid on such goods would be available. Generally reasonable time is 6 months. So first check is the period i.e 1-1-2012 to dd-10-2012 is in reasonable time according to your sate vat act then it will be allowable and credit of such tax paid available otherwise credit of such tax paid not available.
For my clarification and your confirmation i asking a question. You are saying invoice raised on 1-1-2012 i.e entry passed on 1-1-2012 is
Pary a/c dr
To sales a/c
To Vat a/c(if any separately maintaining)
And also said 2 days later you canceled such invoice to cancel invoice entry is as follows on 3-1-2012
Sales a/c dr
Vat a/c dr
To party a/c
(OR)
Sales Returns a/c dr
VAT or VAT input a/c dr
To party a/c
Note: sales returns will be show from the deduction of sales.
So if you passed any of the above entry then sales returns already adjusted and claimed. Then no question of adjustment now.
If you differ with the above entries then please post which entries you made on the date of sale and for the cancellation of invoice.
OM SAI SRI SAI JAI JAI SAI
For my clarification and your confirmation i asking a question. You are saying invoice raised on 1-1-2012 i.e entry passed on 1-1-2012 is
Pary a/c dr
To sales a/c
To Vat a/c(if any separately maintaining)
And also said 2 days later you canceled such invoice to cancel invoice entry is as follows on 3-1-2012
Sales a/c dr
Vat a/c dr
To party a/c
(OR)
Sales Returns a/c dr
VAT or VAT input a/c dr
To party a/c
Note: sales returns will be show from the deduction of sales.
So if you passed any of the above entry then sales returns already adjusted and claimed. Then no question of adjustment now.
If you differ with the above entries then please post which entries you made on the date of sale and for the cancellation of invoice.
OM SAI SRI SAI JAI JAI SAI
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