TN Vat Reversal of input credit
This query is : Resolved
17 July 2008
My client is a distributor of xerox machines. He enters into full service maintenance agreement with his customers for service and also for supply of toner, catridge & drums. He collects 4% works contract tax for this agreement. Whether he has to reverse the input credit for the free supply of toner catridge etc..
pls help to resolve this issue
pls help to resolve this issue
17 September 2008
Here the supply of toner (in execution of a taxable WC) is deemed sale and there is no need of reversal of any ITC.
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