Tax treatment
This query is : Resolved
Reshma Golani
(Querist)
15 February 2014
If we purchase goods @ 4% vat than we transfer such goods to our branch at other state(branch transfer) against 'f' form and than branch sells the goods...In this case what shall the tax liabilty such as it is in reversal & how this credit of vat will be utilized??
Vishnu Saboo
(Expert)
17 February 2014
Normally, If goods has been transferred to outside state as stock transferon which ITC has been availed, 4% ITC must be reverse on such good. refer ur state VAT act.
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