Vat input credit

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gotche (Querist)
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19 July 2014 Dear Experts,
A material purchased for a sale after some fabrication process in the factory.
Whether VAT input credit availed (Taminadu vat ACT)on such raw materials need to be reversed if said materials were not sold and lying as a stock for more than 4 or 5 years.

pls guide me.

RENGARAJ R.K

RENGARAJ R.K (Expert)
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19 July 2014 Dear Sir,

VAT is payable only on sale of the goods and not for stock lying in the factory. The factory also can take eligible input credit for the processed products. Proportionate Reversal is to be made only for those finished products moved out of Tamilnadu either for sale or transfer. Otherwise No.

gotche

gotche (Querist)
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22 July 2014 Thanks sir,expect your continuous support.

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