Please can anyone let me know what is the formula to reverse input vat credit in case of stock transfer outside state under west bengal vat act....
Vikash Agarwal (Student) (104 Points)
02 December 2011Please can anyone let me know what is the formula to reverse input vat credit in case of stock transfer outside state under west bengal vat act....
vijendra kumar verma
(manager of accounts)
(23 Points)
Replied 05 January 2012
Dear Sir,
Formula for calculation for Vat input credit reverse is mostly same to all state in india .
that is calculate at basis of Sales and Vat creditable purchase ratio = A X B / C.
A = is vat amt .
B = Stock Stransfer amount
C= is the non taxable stock transfer out of state.
Exm. Ram is manufactruing of Paint his Purchase of Raw Material Ass. Value is 100000 Vat Tax is 4000.
Stock Transfer out of state is 10,00,000
Local Sales 50,000
Than Creditable Purchase is = 50000/1050000 x 4000 = 190/- rupess only and Vat Disallowed by department will be 3810/-
CAclubindia
