Case Judgement on credit notes under vat act

1094 views 4 replies

Ashutosh Biswal

Asst.Manager Finance

283 Points Joined May 2011

Friends

Hope you have been come across the pratical approach as well the rejection of credit notes by sales tax officers durings assessment of all the states in india but somehow being accepted on best judgement and still, its in a dilemma..

In case of karnataka vat act; ther is no prvision of credits notes being issued except sales return (within 6 months)

here we are discussing the Credit notes considering the below practice of transferring benefits to cusotmer on ..

1. Rate differnces on account of incorrect rate on invoice

2. Volume discount and annual discount

Friends, Pls share your opinion or share some case Judgements in relating to this

your earlier in time response will be appreciable a lot

thanks in Advance

Replies (4)

MJ Krishnamurthy

ACCT(Retd)

7197 Points Joined July 2010

Mr A Biswal,

Under amended Sec 35 of KVAT Act one can flile a revised return on his own within

next month/quarter. If any revision of declared figures becomes necessary later on

he has to obtain permission from the priscribed authority(LVO),but within six months.

MJK

Ashutosh Biswal

Asst.Manager Finance

283 Points Joined May 2011

MJK Sir

Thanks for your reply; But it could not clerify my one query on credit notes, those are being issued on further allowing discounts during the financial period under several promotional scheme in the competitive market ..

thanks