Transit sale
This query is : Resolved
Deepika Agrawal
(Querist)
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
CMA Ramesh Krishnan
(Expert)
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.
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CA CS Pawan Jajoo
(Expert)
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.
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CMA Ramesh Krishnan
(Expert)
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
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Deepika Agrawal
(Querist)
07 October 2013
Thank you sir , it clears my basic doubt about transit sales.
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