examnation query
This query is : Resolved
Querist : Anonymous
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...???
19 November 2010
Input credit will not be available on stock transfer to inter state.
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).
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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