Purchase return or Sale return, VAT + CST

[unmesh ---]

At the time of preparing vat liability can we take credit of purchase return / sale return material.

If yes then what will be procedure for taking the credit.

waiting for feedback.

Posts / Replies

[YAGAY AND SUN]

Dear Unmesh,

Purchase return/Sales return should be within six months from the date of Sales/Purchase as the case may be. Debit Note/Credit/Invoice/Bill along with way bill (if applicable) should be produced to the assessing authority/audit team within prescribed time limit.

Regards,

YAGAY and SUN

(Management, Business & Indirect Tax Consultants)

[unmesh ---]

Dear sir

Thanks for feedback.

But my query still remain. i.e what will be procedure if we recd purchase return / sale return within six month from date of purchase / sale.

Can we take benefit of credit or not ??

Waiting for feedback.

[unmesh ---]

Dear sir

Thanks for feedback.

But my query still remain.i.e.what will be procedure if we recd purchase return / sale return within six month from date of invoice.

In that case can we take benefit of credit or not ?? or we should revised return ??

Waiting for feedback.

[ganeshan kalyani]

Sales tax been state subject the periodicity of return of good differs. If return is within the prescribed period of month then credit will rightly be eligible. The documentation part is very essential as failure in proving the time period of return would liable to rejection of credit during assessment.