Deposit of VAT on transfer of goods to branch interstate
This query is : Resolved
alok kumar gupta
(Querist)
09 April 2009
Dear All,
Please let us know whether we need to deposit tax when we transfer goods to branch located in other state. and whether we can avail input credit on goods transfered to inter state branch.
Please let us know whether we need to deposit tax when we transfer goods to branch located in other state. and whether we can avail input credit on goods transfered to inter state branch.
Ashok Madhavi
(Expert)
13 April 2009
Dear Alok,
You need not to deposit tax when you transfer good to Branch Located in other state, only you will have to reduce your set-off proportionately from your vat receivable by 2% U/R53 of MVAT ACT 2002 "please check the rule as per State in which you are dealing". Calculation of Written off Value Suppose your Total Sales is Rs100/- & your Branch transfer outside state is Rs20/- then 20/100=20% of your Total sales i.e.Rs20/- & written off value is Rs20*2%=Rs0.4/- you will have to reduced from your set-off.
Regards,
Ashok
You need not to deposit tax when you transfer good to Branch Located in other state, only you will have to reduce your set-off proportionately from your vat receivable by 2% U/R53 of MVAT ACT 2002 "please check the rule as per State in which you are dealing". Calculation of Written off Value Suppose your Total Sales is Rs100/- & your Branch transfer outside state is Rs20/- then 20/100=20% of your Total sales i.e.Rs20/- & written off value is Rs20*2%=Rs0.4/- you will have to reduced from your set-off.
Regards,
Ashok
alok kumar gupta
(Querist)
23 April 2009
Thanks
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