Deposit of VAT on transfer of goods to branch interstate
This query is : Resolved
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.
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
23 April 2009
Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
