Respected Sir / Mam,
I have a branch in Sahibabad, Uttar Pradesh. The branch makes several stock transfer of materials against Form 'F'.
As per new notification came to my knoladge is that the goverment is charging 4 % RITC (Reverse Input Tax Credit) on each stock transfer till now.
Now, I want to know that, is there any circular related to it and how the RITC to be adjusted in my books?
Whether to take RITC along with posting purchase or to adjust it with another journal.
I also have to issue the Form 'F' on the basic amount charges in the bill.
Please guide urgently.