Tax liabilities or full refund amount
This query is : Resolved
25 June 2012
Dear Sir
One of my client(from Delhi) Local Purchase at 5% and same goods transfer against F form to Central Branch (Rajesthan).
now i want to know that can 5 % refund from Department will allow to me or any liabilities will aries on me.
One of my client(from Delhi) Local Purchase at 5% and same goods transfer against F form to Central Branch (Rajesthan).
now i want to know that can 5 % refund from Department will allow to me or any liabilities will aries on me.
26 June 2012
You have not mentioned whether you have availed the 5% Input tax in your monthly return for the local purchases made?
If so, when you transfer the input availed materials to other state against form F, you will have to reverse (I think you have to reverse 2%) the input tax already availed proportionately. Yes, it is a liability for you.
If so, when you transfer the input availed materials to other state against form F, you will have to reverse (I think you have to reverse 2%) the input tax already availed proportionately. Yes, it is a liability for you.
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