Tax/Retail Invoice

Corporate Laws and Indirect Taxation Laws Practitioner.

 Friends, 

Can u explainthe concept of Tax/Retail Invoice? 

 
Reply   
 
Advocate

Tax Invoice:

When a company sells a product to distributor or any person
in the supply chain but not the end user then Tax invoice is
generated because it is going to be resold. To issue a Tax
Invoice the person who purchases a product must have TIN
(Tax Identification Number).

Retail Invoice:

When an end user of the product is purchasing then consumer
receives the retail invoice.

Main and straight difference between Tax Invoice and Retail
Invoice is Tax invoice is entitled to Input Tax Credit in
(VAT) whereas Retail Invoice is not because product is not
going to be resold by consumer.

 
Reply   
 


Corporate Laws and Indirect Taxation Laws Practitioner.

 More than what i wanted to know. Tx, Tx a lot for such a colmplete explanation. Rgds,

 
Reply   
 
Corporate Laws and Indirect Taxation Laws Practitioner.

 Further, can  a dealer who has applied for TIN Registration issue a Tax Invoicve? 

 
Reply   
 

The dealer can issue Tax Invoice, subject to mentioning in the Invoice that "TIN Regn.is applied for"
 
Reply   
 
Advocate

No, since the registration is prospective and does not hold good retrospectively for a tax invoice

 
Reply   
 
Corporate Laws and Indirect Taxation Laws Practitioner.

now i have 2 views..What to do???????/
 
Reply   
 

when the dept issue the registration no then only it effective otherwise whatever purchases are made aginst VAT rtrated as purchase from unregistered dealer

 
Reply   
 
Corporate Laws and Indirect Taxation Laws Practitioner.

 I have applied for my clients registration under Gujarat VAT. he has a purchase bill in which he has paid VAT and it is a Tax Invoice. Now is it okay i mean he is not having valid registration number under Guj VAT Act (however he has applied)????????Rgds,

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

  LAWyersclubindia Menu