Stock/branch transfer
This query is : Resolved
02 April 2012
Dear Friends,
Registered dealer avails input tax credit for purchase of goods say 12.5% but subsequently he transfers the said goods to a branch located outside the state(inter-state branch transfers) so he should reverse the credit given to him to the extent of x%..and only (12.5-x)% will be availed to him..
My question is what is this x%??.. Is it 2% or 4%?? I need a general rate as I am aware each state has its own rate?? My understanding is we need to take this rate at 2% as it is current CST but I am not sure as textbook says 4%..Could someone clarify this??
Registered dealer avails input tax credit for purchase of goods say 12.5% but subsequently he transfers the said goods to a branch located outside the state(inter-state branch transfers) so he should reverse the credit given to him to the extent of x%..and only (12.5-x)% will be availed to him..
My question is what is this x%??.. Is it 2% or 4%?? I need a general rate as I am aware each state has its own rate?? My understanding is we need to take this rate at 2% as it is current CST but I am not sure as textbook says 4%..Could someone clarify this??
MJ Krishnamurthy
(Expert)
10 April 2012
Mr Jairam,
It is 2% only.
It is 2% only.
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