Reversal of itc
This query is : Resolved
19 October 2013
How much Itc is to be reversed or is disallowed on goods that are transferred outside the state (i.e branch transfer)otherwise than for sale.
Should 2% Itc be reversed
Or
Should 3% Itc be reversed
Please Explain me as per Provisions Of Tamilnadu Vat Act
And If There were any Amendments like Before it was 2% and now 3%
Then Please Speccify
Thanks & Regards
Should 2% Itc be reversed
Or
Should 3% Itc be reversed
Please Explain me as per Provisions Of Tamilnadu Vat Act
And If There were any Amendments like Before it was 2% and now 3%
Then Please Speccify
Thanks & Regards
MJ Krishnamurthy
(Expert)
20 October 2013
2% reversal is correct. 3% is the old rate.In all states it is the common rule on this matter.....mjk
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