Suppose, we purchase a quantity of 100 Kgs of goods from the local dealer @ 5% vat (Tax Invoice), instead of selling, we transfer the entire quantity or partial to our branch at Haridwar as stock transfer (without tax). In this situation what is the real process for Input vat? Can we claim input vat @ 5% or not?
25 July 2010
u have to reverse the itc for branch transfer.after reversal of itc as branch transfer the balance is ur input credit for which u are eligible.
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