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Vat adjustment

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(Querist)
22 January 2014 Is there any rule about reverse credit on stock transfer in Gujarat?If yes then What is it?
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Vishnu Saboo

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Vishnu Saboo (Expert)
21 February 2014 Elaborate ur query what exactly u want to know
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Minaxi Parmar

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Minaxi Parmar (Querist)
22 February 2014 I have head office in Gujarat and branch office in M.P.If I transfer goods from Gujarat to M.P branch, am i eligible for ITC on purchase? If I can take ITC, how much ITC I have to reverse for that?
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Vishnu Saboo

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Vishnu Saboo (Expert)
22 February 2014 yes, you can avail ITC, but in case of Branch transfer to outside state you have to reverse ITC @ 4%. refer Section 11(3)(b) of GVAT.
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Minaxi Parmar

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Minaxi Parmar (Querist)
24 February 2014 Thank you very much.
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Vishnu Saboo

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Vishnu Saboo (Expert)
24 February 2014 welcome. its pleasure to help you
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