Vat on sales return
This query is : Resolved
27 April 2012
Is VAT is payable on sales return. And can we claim input of it.
Actually i was doing a audit of a pharma company and there it is policy that what ever medicine has been expired they will take it as sales return. Normally it is coming after a 1year. And i read it some where that we cant take VAT input after 6 months. So i need clarification regarding it.
Actually i was doing a audit of a pharma company and there it is policy that what ever medicine has been expired they will take it as sales return. Normally it is coming after a 1year. And i read it some where that we cant take VAT input after 6 months. So i need clarification regarding it.
27 April 2012
Mr V Bidada,
What your client is doing is wrong.A sales return should be within six months to be eligible output tax reversal.Beyond that period the returns are not eligible for tax benifit.Now,in Karnataka, an amendment has been inserted to the effect that if the return is after more than month permission has to be obtained from the LVO for filing a revised return.
MJK
What your client is doing is wrong.A sales return should be within six months to be eligible output tax reversal.Beyond that period the returns are not eligible for tax benifit.Now,in Karnataka, an amendment has been inserted to the effect that if the return is after more than month permission has to be obtained from the LVO for filing a revised return.
MJK
28 April 2012
It will be very helpful....Thank you very much sir...
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