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
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.
CAclubindia
