Hi all,
We have received purchase orders from customers in FY 2011-12 with the effective tax rates. Till now we have not received the PO amount and we are going to receive the PO amount in this year (including tax amount). Do we need to get revised POs or not.
Please explain the reasons for that.
Thanks,
Satheesh
You have to ask for revised PO
Can you please explain reasons for that.
Due to change in tax slab rates & costing
Defaulter of this time loss is the customer as he was not paid you the PO amount in time so all the increased cost should bear him only.
Rajesh
While doing audit how should we consider, if tax changes are not revised in the PO.
You Should Ask for a Revise PO, Because Supplier will Charge Current Rate of Tax, so it will Create Problem in Audit.
Thanks
| Originally posted by : Satheesh | ||
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While doing audit how should we consider, if tax changes are not revised in the PO. |
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You need revised PO due to change in the cost of material and also changed the payment duration. Your customer failed to pay advance according to the previous PO hence you should ask him to send the revised PO as well as the advance amount.
The revised PO will also avoid any dispute between the customer & vendor
Rajesh
CAclubindia
