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Sales Tax eNotices
12-21-2011, 07:26 PM
Post: #1
Sales Tax eNotices
Dear accountancy site members,

I would like your help & guidance on the following

1- What factors/deficiencies in monthly sales tax return give rise to discrepancy notices being generated by eFBR?
2- What could we do to solve these issues?

Regards.
perfectionist
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12-21-2011, 08:16 PM
Post: #2
 
Normally discrepancy arises because of not reconciliation of input or output u claim from your vendor or client .Suppose you received a purchase invoice after submitting your sales tax return .You claim the input of this invoice in next month and your customer claim the out put in the relevant month it will create a discrepancy.Sometime it also happen that your vendor not submitting their returns ,in such circumstances department issue a notice to you not your supplier.
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12-22-2011, 02:43 PM
Post: #3
 
Dear Information Consultant,

What could/should we do to remove these kind of discrepancies?

Regards.
perfectionist

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />Normally discrepancy arises because of not reconciliation of input or output u claim from your vendor or client .Suppose you received a purchase invoice after submitting your sales tax return .You claim the input of this invoice in next month and your customer claim the out put in the relevant month it will create a discrepancy.Sometime it also happen that your vendor not submitting their returns ,in such circumstances department issue a notice to you not your supplier.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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12-22-2011, 11:11 PM
Post: #4
 
To improve your internal control system. Ask your sales man to reconcile monthly party ledger with clients to confirm that all the bill raised by ur company properly recorded in customer record. Ask ur purchase department to properly submit sales tax invoice of vendor before 10 th of each month and treat cancel all the invoices received after that date .
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