Dear Sir,
What is the Effects, In case material purchased without VAT from the supplier and taken into accounts the same.
Supplier comes under the VAT and Buyyer comes under the VAT. Howmuch amount will be the penality.
Menu
Material purchased without vat
Replies (2)
Dear Tirumala Y,
In order to guide you the following details are required
- Name of the State in which the transaction happened
- Whether the goods in question are taxable under the State VAT Act
- Whether the Buyer and Seller are both registered under the State VAT Act.
- Whether the invoice is made on an "All inclusive" basis.
If Supplier of Material Not Charging Vat in his Invoice that means he is not a registered Dealer............. You are Not Liable to Pay any penalty..... but cant take input credit on material so purchased..............you will pay all output tax on the good which has been produced from Material.
Recent Topics :
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
Related Topics :
CAclubindia
