Vat & cst

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Nitesh joshi (Querist)
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23 March 2015 if a trader buy goods at the and of march but both goods and documents related to purchase are received after march (means around 4 or 5th April) then in which month vat or CST liabilities arise if returns are filed monthly.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 March 2015 m not getting, when u r buying goods, u r paying that amount to the said party.. so the liability is of party na.... not yours...

and in our case we usually account fall the bills if received after 1st april in the next financial year.....!!!

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 your querry is not clear need elaboratioon

Nitesh joshi

Nitesh joshi (Querist)
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23 March 2015 means we purchase as on 25th march but the goods received in April...

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 March 2015 then also liability is of the party to deposit VAT not yours, and in this case you accountfall in the next year if goods and bills all received after 31st march

Nitesh joshi

Nitesh joshi (Querist)
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23 March 2015 means we purchase as on 25th march but the goods received in April...

Nitesh joshi

Nitesh joshi (Querist)
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23 March 2015 but if bill generated in march then what

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 March 2015 ya its ok.... no issues in that... ur receipt,consumption,everything wil b in april... so its allowed to accountfall in april

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Nitesh joshi

Nitesh joshi (Querist)
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23 March 2015 but sir as per accounting rule if we purchase or sale at the end of finance year i.e at the end of march even if goods is not received or in transit it should be taken in march not in next month.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 March 2015 but when u hadnt received the goods nor u had received the bill... how can u do this dear...

this rule applies for sales not for purchase na

Nitesh joshi

Nitesh joshi (Querist)
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23 March 2015 ya i got it but if a seller record that as a sale then why a purchaser can't recorded it as purchase

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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23 March 2015 because sales had to pay vat in that current year as he had charged vat in that financial year....!!!

and i think we should wait for some experts advice on this..

because in our company from years we are doing this... all sales bills are accounted upto date on 31st march...

and purchase bill which are received after 1st april are accountfall in the next financial year...

so i answered this querry on personal experience basis

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