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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Requirement of tax deduction at source by individual
- 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
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
