Set-off in case of Interstate Branch Transfer
This query is : Resolved
GOPAL KUMAR AGRAWAL
(Querist)
05 February 2011
As per maharashtra VAT Act there is a reduction in set-off of 2% on purchases made for Branch Transfer. In one of our client case branch transfer is made on Invoice price (i.e. cost of Production+ profit)there is no possibility of finding corresponding purchases of goods. please advise us in respect of reduction in set-off in this case.
05 February 2011
If you are charging 10% profit on cost of goods, and no similar items are available in market, the price charged for branch transfer may be assumed as arm length price.
You will get 2% setoff.
You will get 2% setoff.
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