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)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
