31 August 2008
For all interstate purchases we are taking VAT credit.After couple of months we reject these materials.shall we have to reverse VAT Input credit in TN VAT Act?.Can anyone throw light by quoting relevent provision or case laws in VAT act?
Please go through the section relating to Input Credit/ Input Credit reversal of your state Act. It is a settled preposition that one can get the benefit of ITC, if only he has acruallt paid the same. Recersal is must.
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