Liability of vat - consignment sale

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..... A is a direct seller as well as sells goods on consignment is consignment sales to be included as total sales in A's books of accounts and is it liable for vat, and is it to be considered as turnover for purpose of tax audit under income tax - Reply By Subhash Majumdar - The Reply = yes this should be considered as turnover for the purpose of tax audit under the income tax act u/s. 44(AB) be .....

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..... cause consignment nature of purchase sales is also part of trading and this traiding may be raised profit or loss but separate trading account for consignment should be prepare part of profit or loss on consignment will be shown on Profit Loss Account Credit side. Due to reason if the organisation face loss on other business then such loss can be set off from profit on consignment. As well a .....

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..... s this is liable for VAT because there is no provision under the VAT Act. that consignment sale will not be treated as turnover, but if the goods are declared by Govt. as Declare goods in their Notification then consignment sale will not be treated as Turnover under the VAT Act. - Reply By isha agarwal - The Reply = I have a little confusion regarding VAT charged on consignment sales suppose we .....

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..... are sending the goods on consignment basis to other state in FORM 'F' then we are not required to pay CST n is VAT chargeable, If then provide me with reasons. - Liability of vat - consignment sale - Query Started By: - deepak gandhi Dated:- 19-5-2009 Value Added Tax - VAT-CST - Got 2 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion .....

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..... Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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