Sales return - VAt credit

[venkat eswaran]

Sir,

for slaes return we r taking VAT credit back for the returned goods. there is a 6 months time period. my query is is there is any financial year limitation? that is can take credit back now  for goods sent in mar 2012. fin year 2011-12. now fin year 2012-13.   or 6 months from the date of invoice ?  kindly clarify

 

AI Summary

Sales return time limit governs VAT credit claims, while rejected goods are treated as non sales outside the ordinary return timetable.
VAT credit for sales returns is allowed by deducting the returned goods' sale price from aggregate sales when satisfactory evidence is produced, commonly within a six month period measured from the invoice date or receipt of goods; administrations also require prompt clearance and physical recordkeeping for returned items. By contrast, rejected goods, not being accepted by the purchaser, are treated as no completed sale and fall outside the ordinary return time limit, so tax adjustment depends on the absence of a completed sale and supporting records.