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STOCK TRANSFER (VAT)

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This query is : Resolved


( Author )
14 September 2010

SIR
IF I TRANSFER THE STOCK FROM DELHI TO GHAZIABAD BRANCH , AGAINST F FROM , WHAT ACCOUNTING ENTRY WOULD I PASS, IF I DISALLOWED VAT @2% IN DELHI
EXAMPLE AMT RS1000 STOCK TRANSFEER TO GHZ

BRANCH A/C DR 1000
STOCK TRANFSR A/C CR 980.39
VAT DISALLOWED @2%CR 19.61

IN VAT RETURN (SALE TAX) THE AMT OF STOCK TRANSFER TO DELHI TO GHZ IS AMT 1000 OR RS980.39 PLEASE CLEAR THE ENTRIES ,

THANKS
MAHESH


CA. Praveen Narayan

( Expert )
14 September 2010

You can transfer full amount to ur branch. Since th branch s nt eligibl to take VAT credit, they can claim full amount as their expense..


mohinder kansal

( Expert )
14 September 2010

Dear Mahesh, u have made a correct entry. i assume 980.39 is the price at which stock is transferred to Branch means the cost at which goods are trfd. shall be shown inVAT return also in this case Rs. 980


Ram Avtar Singh

( Expert )
15 September 2010

input vat disallow on stock transper outside delhi u/s 10(3)calculate as below

Input vat credit
---------------- X stock Transfer =XXXXX
Total sale

Input vat disallow will be less in same month.



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