Reversal credit formula
This query is : Resolved
K.Mohan Kumar
(Querist)
18 August 2014
we are sales for vat, exempted, CST, consignment sales, purchase material only use to stores how this calculate please tell formula with example
19 August 2014
Reversal Credit Formula is ITC for the period x CST Sales/Total Sales x 3/5. IF ITC for July is Rs.500, Local Sales is Rs.5000, CST Sales in 2% is 2000, then Reversal Credit amount may be (500x2000/7000x3/5) = 86.
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