Vat credit
This query is : Resolved
22 April 2014
Hello - I am working in IT company. We have bought multiple assets in FY 2005-06 and onwards. We have taken input VAT credit and shown as receivable in our books.
Now out of those assets we have sold few, Do I need to reverse the VAT credit taken earlier, if yes, what would the entry
Thanks and Regards,
Pankaj
Now out of those assets we have sold few, Do I need to reverse the VAT credit taken earlier, if yes, what would the entry
Thanks and Regards,
Pankaj
22 April 2014
No need to reverse if sales in same state.
but you need to pay VAT on sales.
but you need to pay VAT on sales.
23 April 2014
you pay tax on sales and set the input with output vat.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Traces submitting correction statement error
- ITR-Capital Gain
- ITR-3 File/Error Found
- Rent claimed on building given on permissive possession basis
- IT returns for fresh job holders
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
