REGARDING CREDIT NOTE, VAT + CST

[ranjit kunar]

What is the rule for credit note???suppose there in an invoice in the month of March'14 and the credit note raised in the month of april'14. should we adjust the credit note with vat output. What is the period for taking credit note...Can we adjust service credit note eith vat output

Posts / Replies

[Pradeep Khatri]

Due to the time gap you would not be able to adjust the tax in the same financial year however, in the subsequent year it may be done. Further, Service tax credit cannot be adjusted with VAT Output Tax as both are mutual exclusive legislature, i.e. one is under Central Government, the other is under State Government.

Regards,

Sameer Malhotra- Consultant

(YAGAY and SUN) -Management, Business and Indirect Tax Consultants