Sett off u/r 53 (1) & 53 (2)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2012
Please explain sett off u/r 53(1) & 53(2)
09 February 2012
This rules are for Retention of Setoff of purchases.
I am explaining it For Maharashtra State
U/r 53(1) retention is to be calculated at 2 % on Taxable Purchase value.
U/r 53 (2) Setoff is eligible only to the extent it is being used in Taxable goods.
Setoff is not available on goods which are used in taxfree sale.
I am explaining it For Maharashtra State
U/r 53(1) retention is to be calculated at 2 % on Taxable Purchase value.
U/r 53 (2) Setoff is eligible only to the extent it is being used in Taxable goods.
Setoff is not available on goods which are used in taxfree sale.
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