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purchase against form H

Somit Agarwal (PArtner) (27 Points)

01 September 2009

I am a registered dealer in U.P I purchased butt hinges from a registered dealer in UP last year against October 2008 against Frm H.Now my export order stands cancelled due to economic recession.Please guide me through

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4 Replies

sunil (333 Points)
Replied 01 September 2009

Dear,

Tax will be payable only after sales , if the goods will be return back, no tax. If the goods remain in stock no tax.

Somit Agarwal (PArtner) (27 Points)
Replied 02 September 2009

Dear Mr Sunil

Thank you for your reply.but what i know is goods purchased against form H must be shipped out of India with in 6 months from the date of purchase.

Shivjeet Chopra (Chartered Accountant) (151 Points)
Replied 06 September 2009

Originally posted by :Somit Agarwal
"	Dear Mr Sunil Thank you for your reply.but what i know is goods purchased against form H must be shipped out of India with in 6 months from the date of purchase.	"

yes dats true...but as u said d goods were not exported and hence form H stands void...so ul have to pay tax on such goods...

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Ganesh Sharma (Manager - Accounts) (57 Points)
Replied 09 September 2009

Originally posted by :Somit Agarwal
"	Dear Mr Sunil Thank you for your reply.but what i know is goods purchased against form H must be shipped out of India with in 6 months from the date of purchase.	"