Punjab VAT
Querist : Anonymous
Sales subject to VAT Rs. 10,00,000
Consignment/Branch Transfer Rs. 5,00,000
Total sales Rs. 15,00,000
Total Purchases (4% + 12.5%) Rs. 10,00,000
ITC on above (4% + 12.5%) Rs. 1,00,000
Now i want to calculate the reversal amount (apportionment for branch transfer)??
I am little bit confused over 2 methods which are:
1st method:
Reversal amount= 1,00,000*5,00,000/15,00,000 = 33333
2nd method:
Reversal Amount= 5,00,000*10,00,000*4/15,00,000*100 = 13333
NOW WHAT IS THE CORRECT AMOUNT TO BE REVERSED?
PLEASE SOLVE MY QUERY RECITING APPLICABLE RULES AND TAX LAWS.
Querist : Anonymous
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