How to adjust Input VAT amount
This query is : Resolved
Baldev Kumar
(Querist)
11 October 2008
Dear Sir,
Pls tell me how the VAT input and output adjustment made. What is the ratio in which it taken for sales and in stock
thax in advance
Pls tell me how the VAT input and output adjustment made. What is the ratio in which it taken for sales and in stock
thax in advance
CA. O.P. Agarwalla
(Expert)
11 October 2008
All eligible input on purchase of goods (for resale) is adjustable against VAT output. No ratio is required between stock & sales. However, in some cases, when goods are finally used for other than sales, proportionate ITC will be reversed.
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