HELLOW FRIENDS...
GOOD MORNING
MY CREDITORS BOOKED EXCEES PURCHASE FROM ME COMPARED TO J1 J2 SERIES...
ie.IN MY BOOK SALE AMOUNT RS.5,00,000.00 AND IN PURCHASER BOOK PURCHASE BOOK RS.8,00,000.00 SO WHAT CAN I DO WITH THIS FACK PURCHASE BOOKED BY ONETHER PERSON????
You will have to sort this matter with the party urgently.It would create a problem if either of the party is covered under tax audit and respectively in vat audit.fake purchase means he is taking excess credit and you are showing less vat payable.so it would create problem to both the parties.Sales tax dept has now a days advanced mechnisms to determine the parities having hawala dealings.so tell ur client to sort this matter with the opposite party.
CAclubindia
