Friends,
Can u explainthe concept of Tax/Retail Invoice?
A V Vishal (Advocate) 08 June 2009
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.
Guest (Guest) 08 June 2009
More than what i wanted to know. Tx, Tx a lot for such a colmplete explanation. Rgds,
Guest (Guest) 08 June 2009
Further, can a dealer who has applied for TIN Registration issue a Tax Invoicve?
Haresh (Student) 08 June 2009
A V Vishal (Advocate) 08 June 2009
No, since the registration is prospective and does not hold good retrospectively for a tax invoice
Guest (Guest) 08 June 2009
hasmukh shah (In practice) 11 June 2009
when the dept issue the registration no then only it effective otherwise whatever purchases are made aginst VAT rtrated as purchase from unregistered dealer
Guest (Guest) 11 June 2009
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,