09 August 2014
if I am selling an item at less than its purchase price. Now what will be the entry to reduce the input vat credit taken on the purchase of that Item.???
10 August 2014
You dont need to reduce your set off, for example if your product is now out of market, and you want to sell it off less than your purchase cost, you can very well do the same, no need to reduce your set off as per sec 48(5) of Mvat Act, 2002 you can c/f your set off to next return or claim the refund of your set off
CAclubindia
