Up vat
This query is : Resolved
20 March 2012
A trader started the busines requiring registration under VAT.the purchase invoice were raised on 30.12.2011 and 31.12.2011 however the Registration(TIN no.) was obtained with effect from 01.02.2012.Will the Dealer be able to claim Input Tax Credit.If No is there any way out?
22 March 2012
Ms A Kapoor,
Generally,it can not be done.Because,in VAT system,each month is a separate tax period.Purchases or sales of any one month can not be declared or included in other months. So,it is lost forever.Here the issue of accounting comes. Suppose you open your accounts from Feb'12 only and write all these purchases in that month. then it can be done.Some practical problems
like receiving the bills late etc can arise....MJK
Generally,it can not be done.Because,in VAT system,each month is a separate tax period.Purchases or sales of any one month can not be declared or included in other months. So,it is lost forever.Here the issue of accounting comes. Suppose you open your accounts from Feb'12 only and write all these purchases in that month. then it can be done.Some practical problems
like receiving the bills late etc can arise....MJK
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23 March 2012
Sir..I would like to bring to your notice that the said business(requiring vat registration) is being taken up in a company incorporated in 2006..however any business was not carried in since last two years though returns were regularly filed.The vatable trade deal agreement was signed by co in December 2011...So as a matter of accounting can we postpone the books opening till february?
Also leme know what if the Vendor helps show all goods retuned and get fraesh invoice raised for month of february?
Also leme know what if the Vendor helps show all goods retuned and get fraesh invoice raised for month of february?
23 March 2012
Sir..I would like to bring to your notice that the said business(requiring vat registration) is being taken up in a company incorporated in 2006..however any business was not carried in since last two years though returns were regularly filed.The vatable trade deal agreement was signed by co in December 2011...So as a matter of accounting can we postpone the books opening till february?
Also leme know what if the Vendor helps show all goods retuned and get fraesh invoice raised for month of february?
Also leme know what if the Vendor helps show all goods retuned and get fraesh invoice raised for month of february?
23 March 2012
Ms Aditi Kapoor,
I am not an accounting expert. Check up with a CA about accounting the purchases in Feb'12,because other a/cs also should match with it.
Reharding showing goods return and again billing on the same purchases,it involves some entries in purchase account and ledger of the supplier.To set the records right he may have to file a VAT revised return also.
I think the better way is to start the accounting from Feb'12 itself...MJK
I am not an accounting expert. Check up with a CA about accounting the purchases in Feb'12,because other a/cs also should match with it.
Reharding showing goods return and again billing on the same purchases,it involves some entries in purchase account and ledger of the supplier.To set the records right he may have to file a VAT revised return also.
I think the better way is to start the accounting from Feb'12 itself...MJK
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