query on sale

[Guest]

A partner ship firm registered under vatAnd CST having given/ allotted the following items to resell:

1. Kiryana goods

2. Confectionery goods

3. Stationary goods.

Now this firm sold some goods not mentioned in the vat registeration certificate- like electric iron. electric bulbs, mobiles etc.

what is the liability of the firm- having sold items not mentioned in the registeration certificate.

[YAGAY andSUN]

It is an offense under Punjab VAT Act. Please get your RC amended to incorporate the goods intended for trading.

[PARTHASARATHY V]

At the time of assessment, you may be ending up for payment of Purchase tax and input credit not permissible, also the sale of goods will attract VAT.

Hence please amend the RC immediately to avoid unnecessary levy of tax and smooth availment of Input Tax Credit.

AI Summary

Firm Selling Unregistered Goods Faces Penalties; Amend VAT Registration to Include New Items for Compliance A partnership firm registered under VAT and CST is selling goods not listed in its registration certificate, such as electric irons, bulbs, and mobiles. This is considered an offense under the Punjab VAT Act. The firm is advised to amend its registration certificate to include these goods to avoid penalties. Failure to do so may result in the payment of purchase tax and disallowance of input tax credit, with VAT applicable on the sales of these unregistered goods. Amending the registration certificate promptly is recommended to ensure compliance and smooth tax processes.