Reduction VAT
This query is : Resolved
madinashabana11
(Querist)
16 July 2011
Suppose, A firms closing stock rs 20,00,000/- input tax - nil; if the firm made 20,00,000 output sales how can the firm reduce the VAT.
U S Sharma
(Expert)
17 July 2011
1)make scrap and the value will decrease
2)make out of state sales against C form, and pay CST @ 2%
2)make out of state sales against C form, and pay CST @ 2%
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18 July 2011
How the closing stock is appearing without input credit is beyond imagination? Are you buying it from the villagers or from the retailer? Why do you worry. On 20 lacs you have to collect VAT and pay it to the Govt. but if you want to help the other registered dealers the U.S. Sharma is right.
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