Vat on Credit note
Querist : Anonymous
Querist : Anonymous
But Can you tell me under which Section or rule Vat Credit will be allowed on credit/ debit note.
Querist : Anonymous
This is within maharashtra Satate only
Section 63 (5) and (6) of the MVAT Act provides that the amount of goods returned during any period shall be reduced from the total turnover of sales/purchase of that period in which the goods returned, provided that the goods has been returned within a period of six month from the date of sale or purchase thereof as the case my be. Similarly other debit and credit notes, which are in the nature of increasing or reducing the sale price and/or the purchase price shall be given effect in the month in which such debit/credit note has been entered in the books of account of the dealer. Thus the amount of set off, for that period, shall get increased or reduced to the extent it related to purchase return and debit/ credit notes having impact on the purchase price of goods
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