VAT ON EXPIRED MEDICINE RETURN TO SUPPLIER
This query is : Open
02 November 2010
DEAR SIR
PL GUIDE ME IN THIS MATTER
ONE OF MY CLIENT IS WHOLESALE DISTRIBUTOR FOR MEDICINE. DURING THE YEAR 09-10 HE HAS GOODS (MEDICINE) RETURNED TO HIS SUPPLIER AMOUNTING TO RS. 15.0 LACKS OUT OF HIS OPENING STOCK & SHOWN IN TRADING A/C. NOW I HAVE TO FILE HIS VAT REVISE RETURN.
MY QUERY IS
1)WHETHER VAT SET-OFF WILL BE REDUCED ON THE SAME AMOUNT
2)IF NOT, HOW PURCHASES WILL BE TALLIED ?
PL GUIDE ME IN THIS MATTER
ONE OF MY CLIENT IS WHOLESALE DISTRIBUTOR FOR MEDICINE. DURING THE YEAR 09-10 HE HAS GOODS (MEDICINE) RETURNED TO HIS SUPPLIER AMOUNTING TO RS. 15.0 LACKS OUT OF HIS OPENING STOCK & SHOWN IN TRADING A/C. NOW I HAVE TO FILE HIS VAT REVISE RETURN.
MY QUERY IS
1)WHETHER VAT SET-OFF WILL BE REDUCED ON THE SAME AMOUNT
2)IF NOT, HOW PURCHASES WILL BE TALLIED ?
02 November 2010
Your question is VAT realted, the rules of VAt varies state to state. In some states in case of MRP like goods, VAT is paid on sale value. there is no inpur revesal.
However, if you have taken the input credit at the time of purcahse, no doubt, input credit is to be reversed at the tome of sales return.
However, if you have taken the input credit at the time of purcahse, no doubt, input credit is to be reversed at the tome of sales return.
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