Treat of goods returned sold against form c as per cst act
This query is : Resolved
12 February 2014
A company whose financial year ends on 30/09/2013 have sold goods of Rs. 10 crore to a client against form C .Sales tax has been charged and deposited to authorities .Now that client has returned the goods in the m/o of January 2014.
Now my query is what will be the treatment of tax charged and deposited against form c .and since the financial year of the company has been closed how this transaction of goods return will be shown in the books of accounts.Does it also make difference if the goods have been returned with in 6 month from sale and also if it is returned beyond six months of sale.
Thank you!
Now my query is what will be the treatment of tax charged and deposited against form c .and since the financial year of the company has been closed how this transaction of goods return will be shown in the books of accounts.Does it also make difference if the goods have been returned with in 6 month from sale and also if it is returned beyond six months of sale.
Thank you!
18 February 2014
there is prescribed limit of goods return under Act, that is 6 months.
if goods are return within prescribed time limit, this can be considered as sale/purchases return and tax can be adjusted.
please Refer Sec 8A(b) of CST act.
if goods are return within prescribed time limit, this can be considered as sale/purchases return and tax can be adjusted.
please Refer Sec 8A(b) of CST act.
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
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST ON DAMAGED GOODS
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
