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Vat credit

This query is : Resolved 
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(Querist)
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
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CA Kapil Verma

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CA Kapil Verma (Expert)
22 April 2014 No need to reverse if sales in same state.

but you need to pay VAT on sales.
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Rupesh Jain

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Rupesh Jain (Expert)
23 April 2014 you pay tax on sales and set the input with output vat.
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