debit note

[Sanjay Singh Bora]

How to treat Debite note after six month

Stock value=Rs. 10000 and vat is 5% , total value=10500

But vendor is issued credit note = ₹ 10000

Who pay vat=Rs.500

[Ganeshan Kalyani]

Sir VAT credit on sales return is not eligible if sales return happened after six months. Hence the credit note would not carry the vat element. Thanks.

AI Summary

VAT credit ineligibility after delayed sales return bars VAT on the credit note and prevents VAT reversal.
VAT credit on a sales return is not available if the return occurs after the six month limitation; therefore a credit note issued for the goods' value will not include the VAT element and the credit will exclude any VAT reversal.