Tn vat liability
This query is : Resolved
10 February 2013
When is TN VAT liable to be paid?
A) Amount is received as part of contract but goods are not transferred nor Invoice is raised
2) On transfer of Goods
3) On Submission of Invoice
A) Amount is received as part of contract but goods are not transferred nor Invoice is raised
2) On transfer of Goods
3) On Submission of Invoice
10 February 2013
Mr A Amar,
When there is a contract for sale of some poducts,invoice should be raised along with transfer of goods.Otherwise,the movement of goods becomes illegal.However, now transfer of goods and raising of invoice should be together.Lastly, if goods are also transferred without accompanying an invoice,it is date of invoice that the TN VAT liability arises..MJK
When there is a contract for sale of some poducts,invoice should be raised along with transfer of goods.Otherwise,the movement of goods becomes illegal.However, now transfer of goods and raising of invoice should be together.Lastly, if goods are also transferred without accompanying an invoice,it is date of invoice that the TN VAT liability arises..MJK
24 February 2013
Thanks for the reply
24 February 2013
Sir,
Thanks for the reply
What if it is a continuous contract kind of. . . I hope Goods can be moved with the help of Delivery challan also!!!! But as per the terms of the contract after supply of goods revenue cannot be recognized. After installation only mile stone is achieved. Then only we can raise invoice.
Thanks for the reply
What if it is a continuous contract kind of. . . I hope Goods can be moved with the help of Delivery challan also!!!! But as per the terms of the contract after supply of goods revenue cannot be recognized. After installation only mile stone is achieved. Then only we can raise invoice.
02 March 2013
If you are moving goods without issuing an invoice,the official delivery note should accompany the dealers delivery challan. After completing othr necessary conditions such as installation,commissioning,training,etc an invoice can be issued.....MJK
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