Input Tax Credit Adjustment

This query is : Resolved

Amit Kumar Thakur (Querist)
Follow

17 June 2010 We are Refractory manufacturing company in orissa.

As we avail ITC from VAT purchase.

We sale our product within the state, CST sale and Export sale. Our 60% sale is CST and Export.

My query is how we will adjust ITC for paying the Tax. Is it fist we adjust the VAT payable, after that if the ITC is left then we can adjust with CST payable. or In a proportionate basis, Please guide us in which way, we will adjust the ITC under Orissa VAT rule.

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

28 June 2010 normally it is adjusted first against VAT liability and then against CST liability.
for more detail you must go thru state vat ACT/Rules.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Krishnaveni karur

Shameem ahmed

hitesh chandwani

Shubham Jain

MEHUL M. KEVAT

Subscribe Now

Input Tax Credit Adjustment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

GST CONSULTANT

Article Assistant

Accountant

GST CONSULTANCY