Transit sale
This query is : Resolved
19 February 2012
What is transit sale in case of within state sale & interstate? What is VAT treatment in case of transit? Pls exlpain with example
20 February 2012
Sales in transit which made the sale through transfer of documents while goods in transit
Incase doing transfer of documents in inter state sales then it is inter state sales in transit. otherwise local sales.
Example Mr. A in state of Karnataka selling goods to Mr.B in Kerala. while goods are in transit from Karnataka to Kerala, Mr.B(Buyer) doing sale by transfer of documents through one more dealer Mr.C Tamilnadu. then that sales called Sale in transit.
Incase doing transfer of documents in inter state sales then it is inter state sales in transit. otherwise local sales.
Example Mr. A in state of Karnataka selling goods to Mr.B in Kerala. while goods are in transit from Karnataka to Kerala, Mr.B(Buyer) doing sale by transfer of documents through one more dealer Mr.C Tamilnadu. then that sales called Sale in transit.
Message likes :
1 times
21 February 2012
I agree with CMA Ramesh , but i have doubt in my mind
Whether goods purchasd from local dealer and when the goods are in transit it is sold by transfer of document of tile, will it b transit sale.
Whether goods purchasd from local dealer and when the goods are in transit it is sold by transfer of document of tile, will it b transit sale.
Message likes :
1 times
21 February 2012
yes. sale in transit is concept is the same under local purchase and selling the transfer of documents.but the effect of taxes will not be there in sales in transit in local purchase
Message likes :
1 times
07 October 2013
Thank you sir , it clears my basic doubt about transit sales.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Reporting Income under Section 44ADA
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
