Vat & cst
This query is : Resolved
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.
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.....!!!
and in our case we usually account fall the bills if received after 1st april in the next financial year.....!!!
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23 March 2015
your querry is not clear need elaboratioon
23 March 2015
means we purchase as on 25th march but the goods received in April...
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
23 March 2015
means we purchase as on 25th march but the goods received in April...
23 March 2015
but if bill generated in march then what
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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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.
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
this rule applies for sales not for purchase na
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
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
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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