Itc
This query is : Resolved
19 October 2013
I am not taking ITC on my exempted purchases hence I am not Taking reverse credit of ITC on exempted sales VAT form I, but CTO charged ITC Reverse credit on sales exempted. is it correct
20 October 2013
I do not know whether you have expressed your problem properly.However,when both purchases and sales are exempt from tax,as you say,there is no question of reverse credit at all.You may prove to the CTO that you have not claimed any ITC credit while making vat payments.Then,the notice will be cancelled automatically.
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