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Dvat on closing stock
if any dealer having stock on 31-3-2006 of Rs. 150000.00 they have to deposit tax on it or not.... and according his return of 31-3-2006 ... he have to taking refund ...
Replies (2)
no , no tax under VAT is payble or refund on closing stock on 31st MArch 2006 as it is the stock generated out of already taxed transactions during last year. please treat this normal stock.
i am auditing on a tea company DDPL (kolkata), tea are sold to ultimate party through auction or consignment sale. While selling goods on consignment sale the purchaser get form F for this selling company and not consignee.
In this case it is ultimate sale and not stock transfer but then why the purchaser get Form F for selling company from sales tax department ?
if this is because tea is exempted from sales tax?
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