HI, I WANT TO CONFIRM THAT, I HAVE PURCHASED TAXABLE GOODS DURING F.Y.2007-2008 FROM A REGISTERED DEALER IN DELHI OF RS.10 LAKH, ON WHICH HE CHARGED 4% VAT, DURING MARCH 2008 WHEN I FILED MY VAT RETURN I HAVE CLAINED RS. 40000/- AS INPUT TAX, BUT DURING F.Y. 2008-2009 DUE TO SOME DISPUTE WITH THE SUPPLIER, LIKE BAD QUALITY METERIAL SUPPLIED, I HAVE W/OFF HIS ACCOUNT OF RS. 500000/-, PLS CONFIRM ME , WHETHER I WILL REDUCE MY INPUT VAT CLAIMED EARLIER OR NOT
THANKS ]
TRILOCHAN
i feel , there must not be goods returned to the supplier and it must be consumed or further sold by u , also vat for sale of those goods must be deposited by u. then there will be no need of reversing Input tax credit..
Mr.Sodhi is right,if u have sold out or consumed the goods,it means u have utilised the vat input related to those goods. So u don't have need to reverse the entry.
KPRS And Associates
New Delhi
CA Inter
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