Vat collected more than the rate provided
This query is : Resolved
Nishakar Sahoo
(Querist)
13 May 2010
Sir,
I have collected Vat more than the rate provided for example instead of 4% I have collected 8% so accordingly I deposited into the Govt. Account what ever I collected. So at the time of Vat return filing I declared whatever vat collected and deposited. So is there any problem with this matter in relation to sales tax or income tax law.
I have collected Vat more than the rate provided for example instead of 4% I have collected 8% so accordingly I deposited into the Govt. Account what ever I collected. So at the time of Vat return filing I declared whatever vat collected and deposited. So is there any problem with this matter in relation to sales tax or income tax law.
Sanjeev Kumar
(Expert)
14 May 2010
No. but if later on customer issue a debit note regarding this excess / wrong collection of tax then only you can face a truble with customer only. IN such cases you always should inform and issue a accounts note to customer.
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