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Vat by retailers
Generally, when we buy goods from a retailer, they do not issue tax invoice. Does this mean that they are keeping the tax in their pockets?
If they don't issue invoice, they certainly cannot claim input credit, right? So, how does the entire thing happen? do they submit the tax or not?
Assuming they aren't exempt
Replies (4)
TAX FINALLY BORNE BY THE FINAL CONSUMER AND RETAILER SELLING GOODS TO FINAL CONSUMER ( ISSUE RETAIL INVOICE ), AND RETAILER ALREADY PAID TAX TO DISTRIBUTOR OR WHOLESELLER.
Okay. Thanks Mohan! :)
Retailer whose turnover exceeds Rs.50 lacs would not be eligible for composition scheme ...so do they have to follow the rate schedule for calculation of VAT Liability?
Goods are sold at MRP Rates...So basically its purchase and reselling to ultimate consumers...so are they eligible for cenvat credit?
Yes, they have to follow the rate schedule for calculation of VAT liability.
And they are eligible for VAT credit.
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