Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Vat credit on returned material

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2011 We have sold material to our dealer for Rs.10000+ VAT Rs.100 = Rs.10100(example) and after two months the dealer returned the material to us. Intern we have raised a Credit note to the dealer for only Rs.10000 and the balance of Rs.100, system did not vat due to error in system.

THe above error was found out by us after SIX months of the original invoice date.

Now my query is whether can raise a another Credit Note for differential VAT amount of Rs.100 to dealer and the same can we take Credit while paying VAT of current month.

Please clarify....

VISHRUT

VISHRUT (Expert)
Follow

17 November 2011 Yes it can be raised now as a balance outstanding to previous one and credit of the same can be claimed subject to you have not claim any credit earlier.

and also said amount should be shown as disputed value for said six months.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now