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examnation query

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 November 2010 wether the input tax credit of the VAT paid on the purchases of goods which are stock transferred,is available and at what rate...???
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
19 November 2010 Input credit will not be available on stock transfer to inter state.
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Gagan Agarwal

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Gagan Agarwal (Expert)
20 November 2010 You have not specified in which state you have purchased the goods and stock transferred.

In most of the states, input tax credit is available. However, there is a concept of retention (ie when you stock transfer the goods purchased locally, you have to reverse certain portion of the input tax credit).
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