Vat on sales return
This query is : Resolved
16 January 2010
We sells items @12.5% vat. we have made sale on 29.09.09.We filed return of that quarter also on 25.10.09.On 1.11.09 party returned that quantity, which we had sold them.Now what should I do? Shall I enter a cr. note in books with reversal of vat also? If yes, shall I revise the sale tax return of that quarter or there is any other treatment for that?Please breifly explain the concept of sale return?
18 January 2010
You should not revise the return. You should make an entry of sales return as on the date on which goods are received back and give effect to VAT A/c. also.
You can adjust the sales of 3rd quarter by taking effect of sales return.
i.e. reduce 3rd quarters sales by that amount.
Regards
You can adjust the sales of 3rd quarter by taking effect of sales return.
i.e. reduce 3rd quarters sales by that amount.
Regards
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