input rebate?

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KRATI

KRATI (Querist)
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27 February 2008 what is input rebate on closing stock?
please explain with some example?
thank you

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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28 February 2008 if in closing stock tax is seperatly charged then you will get full set off
if your purchase is including of all taxes
then you will bifrcate the tax from purchases on that year rate of tax is applicable then on that tax only 75% rebate is availalble to you

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