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TREATMENT OF CREDIT NOTES IN VAT IN JHARKHAND

(Querist) 30 July 2008 This query is : Resolved 
R/SIR
MY CLIENT IS DEALING IN SNACKS,WHOSE BUSINESS IS A WHOLESALE BUSINESS,PURCHASING GOODS INTRA-STATE AND SELLING IN THE STATE ONLY.
THE FIRM 4M WHOM MY CLIENT PURCHASE INPUTS IS IN RANCHI,JHARKHAND.IT USED TO PROVIDE FOR CREDIT NOTES FOR ALMOST EVERY MONTHS.
CREDIT NOTES R PROVIDED 4 DAMAGES AND DISCOUNTS(AS PROVIDED 4 REGULAR SCHEMES ALLOWED),BUT NO INPUT WERE NOT ADJUSTED IN CREDIT NOTE,TILL MY CLIENT ASKED 4 JVAT404.

WHEN MY CLINT ASKED 4 JVAT404(9C EARLIER SAID SO),THEY R PROVIDING CREDIT NOTES
WITH DAMAGES AND DISCOUNT WITH ADJUSTMENT IN INPUT RESPECTIVELY.

MY QUESTION IS HOW CAN MY CLIENT CHANGE THE RETURNS?
IS ADJUSTING INPUTS 4M DISCOUNT(ITEM OF P/L)IS ALLOWABLE?
I ALSO WANT TO UNDERSTAND RULE 35 OF JHARKHAND VAT RULES,2005.

MY CLIENT HAS FILED THE RETURNS TILL MARCH2007,AND ONLY ANNUAL RATURN IS PENDING.

USUAL PRACTISE FOLLOWED MY CLIENT IS TO ALLOW DISCOUNT TO HIS CUSTOMERS ALSO.

SIR,PLZ HELP.
REPLY SOON PLZ.
WITH WARM REGARDS 2 ALL
ASHISH
ashish (Querist) 31 July 2008
R/SIR
I WRONGLY WROTE RULE 35.MY QUERY TO UNDERSTAND THE RULE WAS 30(CREDIT NOTES AND DEBIT NOTES).
RULE 30(3)(C) IS -"NOTWITHSTANDING ANYTHING CONTAINED IN THIS RULE ,ANY CREDIT NOTE ISSUED TO A PURCHASING DEALER AGAINST ANY SALES ,FOR ANY TAX PERIOD(S) OR MONTH(S);ON A/C OF ANY INCENTIVE OR ANY PRICE ADJUSTMENT ANNUALLY OR BY WAYOF FREE SUPPLYOF GOODS OR BY ANY OTHER MEANS :EXCEPT FOR ANY SALES RETURN ;THE SAME SHALL BE TREATED TO HAVE BEEN INCLUDED IN THE SALE PRICE OF SUCH PURCHASING DEALER,FOR THE RESPECTIVE TAX PERIOD(S)OR MONTH(S);AND THE TAX SHALL BE PAYABLE ON SUCH SALE PRICE,INCLUDING THE INTEREST PAYABLE ON THE SAME."

SIR,KINDLY EXPLAIN WITH AN ILLUSTRATION,IF CREDIT NOTE IS ISSUED ON A/C OF ANY INCENTIVE(SCHEMES).
ashish (Querist) 05 August 2008
r/sir
plz reply soon.
Hiralal Das (Expert) 05 April 2009
Sorry it is unavailable to me in this time. Hope any of the members of this forum will help you obviously to solve your problem.
I can also assist you few days later.


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