Reversal of itc

This query is : Resolved

meena (Querist)
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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

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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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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