Vat input credit
This query is : Resolved
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.
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.
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.
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.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
