Sales return
This query is : Resolved
09 April 2012
Dear Experts
As per MAHAVAT Rule(The period for return of goods and refund of deposits for the purposes of clauses (32) and (33) of section 2 shall be six months from the date of the purchase or, as the case may be, the sale.) if goods sold are returned within six months then VAT on original sales entry is also reversed. But what entry to be passed when goods are returned after 6 months
As per MAHAVAT Rule(The period for return of goods and refund of deposits for the purposes of clauses (32) and (33) of section 2 shall be six months from the date of the purchase or, as the case may be, the sale.) if goods sold are returned within six months then VAT on original sales entry is also reversed. But what entry to be passed when goods are returned after 6 months
12 April 2012
Purchase return Dr.
to Supplier A/c
(Only For Taxable Amount)
Let Vat Set off with you.
The best way to account for is transfer this VAT of which goods are returned to another account to easily identify it at the time of VAT Audit.
VAT on Goods return Dr.
To VAT A/c (Normal)
to Supplier A/c
(Only For Taxable Amount)
Let Vat Set off with you.
The best way to account for is transfer this VAT of which goods are returned to another account to easily identify it at the time of VAT Audit.
VAT on Goods return Dr.
To VAT A/c (Normal)
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