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Ineligible input vat

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2011 Please clarify this,
What do you mean by "Ineligible Input VAT" in Karnataka VAT. How it will be calculated in VAT Returns
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K Bala Kishan

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K Bala Kishan (Expert)
19 December 2011 Ineligible VAT input tax credit in Karnataka VAT is the VAT ITC on which we have to forgo if you are making exempted transactions i.e, branch / stock transfers. On such Exempted transactions, we have to reverse certain portion of input tax credit as per Rule 131 (1) of KVAT Rules. The formula will be (Total Input tax credit x Exempted sales turnover / total turnover)
Exempted turnover is the stock transfer value.
Taxable turnover is (VAT Taxable turnover, CST taxable turnover & Export sales including deemed exports)
Total turnover will be total of exempted turnover and taxable turnover.

Regards,
Bala Kishan
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2011 THANK U FOR TIMELY RESPONSE
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