VAT credit

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P.Gopinath (Querist)
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31 August 2008 For all interstate purchases we are taking VAT credit.After couple of months we reject these materials.shall we have to reverse VAT Input credit in TN VAT Act?.Can anyone throw light by quoting relevent provision or case laws in VAT act?

CA Ravi Kumar Murugesh

CA Ravi Kumar Murugesh (Expert)
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02 September 2008 Sorry, VAT credit is not available for interstate purchases and only available for intra state purchases.

P.Gopinath

P.Gopinath (Querist)
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09 September 2008 i would like to tell for all intrastate purchaes.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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14 October 2008 Mr. P. Gopinath

Please go through the section relating to Input Credit/ Input Credit reversal of your state Act. It is a settled preposition that one can get the benefit of ITC, if only he has acruallt paid the same.
Recersal is must.

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