12 December 2013
According to the new amendement in sec 19 of TNVAT Act, when a dealer effects interstate sales against C form, he has to reverse 3% of Input availed.
In case of interstate sales of input availed materials without C form the dealer has to reverse 5% ITC.
In other words, for stock transfer and interstate sales without c form, for 5% commodities, the entire ITC will be forfeited. For 14.5% commodities 5% will be forfeited and balance 9.5% can be availed.
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