Hello all.
Is the intertransfer of VAT possible for two sister proprietary concerns?
See the situation is like, there are two firms of same proprietor, both have a heavy size difference are having its own VAT I.T.C.. Now the bigger firm is taking the credit from smaller firm via entry:
VAT Tax A/C ......Dr.
To Small firm
I think its not allowed. What your say?
same here
they can only get exmption under cst through form F(not too sure)
Hi Abhishek,
There is no provision for inter-adjustment of VAT credit between two dealers registered separately though the management/owners are common.
In case of proprietory concern, a single registration can be obtained for all his businesses in which case the credit can be availed for different businesses under one registration.
In my opinion it's transfer and he use form F for this transfer.
i think its sale
Hi Kundan,
No doubt the registration has to be obtained State wise. I mean, in case a proprietor is having different businesses in the same State, he can obtain One registration for all his businesses in the State.
CAclubindia
