Reverse Tax

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Rijo Roy

Rijo Roy (Querist)
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15 December 2009 Sir, I would like to know about "Reverse Tax on VAT" and also how to compute it!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 December 2009 Reverse tax means that portion of input tax of the goods for which credit has been availed but such goods remain unsold at the closure of business or are used subsequently for any purpose other than resale or manufacture of taxable goods or execution of works contract or use as containers or packing materials of taxable goods within the state.

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