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Please Help: Reversal of VAT credit

Posted Date : 12-Jan-2012 , 02:04:59 pm | Posted By: Rishabh Upadhyay

Category : VAT | Answers : 1| Comments : 0| Hits: 449

For the state of chandigarh, will the VAT credit booked at the time of purchase be reversed when the party send a debit note on account of 1) for special discounts (as per schemes) aND 2) due to rate difference

Answers:
   Answer by: Ashish Karundia
Dear Rishab, Section 13 (10) of the Punajab Value Added Tax Act,2005 as extended to the Union territory of Chandigarh provides that where the selling taxable person has made ANY MODIFICATION in respect of a sale by issuance of debit or credit note on the invoice book, the purchasing taxable person shall make necessary adjustment of input tax credit availed. Thus, the purchasing dealer is required to make necessary adjustments in respect of input tax credit in his account on issuance of credit/debit note by the selling account. Further, I would like to highlight one thing that in your query you have said that the purching dealer is required to REVERSE ITC on issuance of DEBIT NOTE by the sellig dealer whereas when debit note is raised by the selling dealer, it means the purchaing dealer is required to pay extra amount an account of any reasons (some of the reasons are already given in the query, then in such cases the purchasing dealer can TAKE THE CERDIT OF TAX PAID ON ADDITTIONAL AMOUNT. Please correct me if my understanding about the debit note/credit note is wrong. Hope the above suffice. Lastly you are requested not to post the same query multiple times.
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