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Vat set off

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(Querist)
15 August 2012 if a proprietor has transferred his stock to his newly formed company, whether vat set off is available to such newly formed company without invoice being raised by the former.
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CA Guru M

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CA Guru M (Expert)
15 August 2012 VAT can claimed only if it is mentioned on the face of invoice.

If the new company was created by way of conversion of proprietory firm into company, then new company can avail the benefit of VAT input credit.

If not new company can't take vat input credit.
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CA Guru M

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CA Guru M (Expert)
15 August 2012 Hope u r doubt clarified!!
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