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Input Tax Credit Adjustment

This query is : Resolved 
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(Querist)
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.
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Vishnu Saboo

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Vishnu Saboo (Expert)
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.
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