08-19-2009, 09:36 PM
Can any one guide me regarding the following scenario
I am a registered company and fall in R.T.O, if i buy something from an unregistered person and then sell it and charge sales tax from the customer and do not claim any input and deposit the whole sales tax amount. Would i have any problems either now or at the time of audit? Is there any law which prohibits me form purchasing from an unregistered person?
Would really appreciate any help especially if any reference is given.
I am a registered company and fall in R.T.O, if i buy something from an unregistered person and then sell it and charge sales tax from the customer and do not claim any input and deposit the whole sales tax amount. Would i have any problems either now or at the time of audit? Is there any law which prohibits me form purchasing from an unregistered person?
Would really appreciate any help especially if any reference is given.
