TAX CREDIT

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bhoomika (Querist)
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04 June 2011 Please solve my query i mentioned below

i recently joind a firm which files the vat return on monthly bases i hv some data as below
tax credit b/f from prv. tax period 1734015/-
current tax credit(input vat) 1009383/- reduction in tax credit credit 1020/- taxable sale 21699100/- taxable purchase 25234560/- output vat867965/- cst amt. 28579/- amt of tax credit c/f 1845834/-

please tell me how the amount of rs 1020/- came as reduction in tax credit

Sanjeev Kumar

Sanjeev Kumar (Expert)
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07 June 2011 there may be a lot of reasons as under:

* due to stock transfer;
* due to purchase return:
* due to some VAT purchase not used / sale but consumed for self use / gifted etc.and /or
* VATable purchase still in stock.

bhoomika

bhoomika (Querist)
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07 June 2011 thanks for rply

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