Any goods coming in to Navi Mumbai, we have to pay 1% Cess on the total value of goods received. My query is :
1. Can we take credit the amount on transfer out. i.e, We transfer our goods from Mumbai Branch to our own branches in different cities. Can the cess credit on these transfer and adjust against the payment of cess ?
2. If answer is yes, what is the % of amount we have to take ?.
3. Till date we have not taken credit on transfer outs from Mumbai. Can we take now and adjust it from monthly payments.