Calculation of input tax on stock transfer
This query is : Resolved
28 August 2013
Sir We are mfg. and Make a Sale by way of Stock Transfer from West Bengal to Orissa
CAn I availed Input tax creditif not How can we calculate TAx on the same
CAn I availed Input tax creditif not How can we calculate TAx on the same
RENGARAJ R.K
(Expert)
28 August 2013
The query is not clear.
1) For stock transfer there is no tax involved.
2) So, input tax credit does not arise.
3) Suppose in West bengal if the goods are purchased against Tax invoice and if such ITC is availed, and stock transfer is made, then you have to reverse the partial ITC.
1) For stock transfer there is no tax involved.
2) So, input tax credit does not arise.
3) Suppose in West bengal if the goods are purchased against Tax invoice and if such ITC is availed, and stock transfer is made, then you have to reverse the partial ITC.
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