--%>
Assignment Help - homework help

Retail Invoice versus Tax Invoice

Explain the difference between Retail Invoice vs. Tax Invoice?

E

Expert

Verified

Whenever sales transaction doesn’t include any tax component, then the retail invoice is issued. This type of invoice is as well termed as cash memo. No VAT credit can be claimed on the retail invoices.

Whenever sales transaction includes tax component, then tax invoice (that is, VAT Invoice) is issued. Tax Invoice can be issued only by registered dealers just as per the guidelines. In this invoice kind the tax amount is distinctly illustrated and only these tax invoices are eligible for claiming the VAT credit.

   Related Questions in Financial Accounting

  • Q : What is Casting What is Casting in

    What is Casting in Accounting. What is its significance?

    		•
  • Q : Uncertainty of exchange rate

    Uncertainty of the exchange rate does not essentially means that the firms face exchange risk exposure. Explain this scenario.

    		•
  • Q : Matlab Applications in Image and Video

    Image and video processing is most difficult topic in electrical and electronics field. This topic becomes trickier if you are taking use of Matlab in this. Student faces a lot of problem in image and video processing theories. If you are messed up with same difficulties

    		•
  • Q : Interest rate Give me answer of this

    Give me answer of this question. The prime interest rate usually: A) rises when the Federal funds rate rises. B) rises when the discount rate falls. C) falls when the Federal funds rate rises. D) falls when the Fed sells bonds in the open market

    		•
  • Q : Increase the return without any

    Suppose that treasurer of IBM has an extra cash reserve of $1,000,000 to invest for the six months. Six-month interest rate is 8% per annum in U.S. and 6% per annum in the Germany. Presently, spot exchange rate is DM1.60 per dollar and six-month forward exchange rate

    		•
  • Q : Techniques of valuation of goodwill

    Techniques of valuation of goodwill: A) Average profit technique B) Super profit technique C) Capitalization technique

    		•
  • Q : What is Internal Communication Internal

    Internal Communication: Employee or Organizational Communication refers to the phenomenon of interaction among employees that exist in organizations. In other words, it could also be termed as Internal Communications.

    Q : Interest rate parity for determination

    Describe the allegations of interest rate parity for the determination of the exchange rate.

    		•
  • Q : Trading A CD/$ bank trader is presently

    A CD/$ bank trader is presently quoting a small figure bid-ask of 35-40, while rest of the market is trading at the CD1.3436-CD1.3441.  Specify what all is implied about trader’s beliefs by his prices?

    		•
  • Q : Firms attaining the U.S. firms

    Presently, several foreign firms from both the developed and developing countries attained high-tech U.S. firms. What would have motivated these firms in order to attain the U.S. firms?

    		•