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Reduction under rule 53 of mvat act


In form 704. Schedule E ,point 5) Computation of sett off claimed for period under audit- Which amount is to be filled, I  mean whether gross figure and VAT Reduction figure of 3% is to be entered or Net figure and VAT Reduction figure of 3%

Eg: Gross : 25000    VAT 5% :1250  Reduction 3%: 750  Setoff Claimed :500(1250-750)

   In annexure E Which figure should be entered at point 5 (c)

i)purchase value...............     Tax Amount..........

 
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