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Saturday, February 15, 2014

VAT Mismatch Handling – During Quarter Endings

VAT/CST – filing returns During Quarter endings
There is a common problem which customers face during VAT/CST returns especially during quarter ends.
The issue faced is:-
Suppose a customer’s supplier party A issues a bill on the 30th of june (invoice issued). The material  is received on 9th july.
Now the mismatch arises if customer shows the purchase in the second quarter (JAS) while the supplier has shown the sales in the AMJ quarter.
Actually this can be handled easily in tally using receipt notes and purchase bills.
Even in case of interstate transfers, this can be handled as follows:-

Case 1:- When you get to know the purchase invoice date (same as the sales invoice date of supplier). This can be known from the website too as the way bill has to be given before they can release the material.
Entry is made as:-


8_purchase




Now the actual material is received on (say) 22 july 2013.  Now the situation that arises is we need to file the returns for AMJ and the stock should show as per the actual date that’s 22nd july.
Now Go to :-
2_purchase_Bill_pending
3_receipt_note

If the receipt note numbers are tracked and maintained then you can create a receipt note and give that no. but suggestion is to open up a duplicate a voucher for this purchase(Alt-2) and press Alt-f9 for receipt note and change the date as the material is received.

4_receipt_note


For the purchases annexure E is effected :-
5_annexure

6_annexure

Case 2:
Suppose the customer has not checked the website or has forgotten about this purchase and has missed the bill. He realizes this when the material is received on the 22nd of July.
He then first passes a receipt note on 22nd july and then passes a corresponding purchase entry for the same. Entry is made as :-

7_item_allocations

Since this is a receipt note you may or may not use the CST ledger.

8_purchase

9_purchase_2

This date modification needs to be done in the second case as the purchase bill is being created for 30th june.

Once this entry is made we get the correct reports for stock and for Statutory.

Stock summary ( only for july):-
10_monthwise

Annexure E for CST:-
11_CST_report




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