HI,
We need some clarification on the Reversal fo ITC under KARNATAKA VAT. We are doing business in karnataka as Trader and,
- transfering goods to own branches in other states against form-F,
- transferring goods to own branches in Karnataka state,
- Vat sales for local register delears,
- Cst sales for register and unregistered delears other states @ full cst rates or against form-C.
what's procedurals to be followed for reversal of ITC and what rate of reversal will be applied. Please give you best opinion on all above cases. Also we shall be grateful to you, if any one of you can provide me a copy of Circular / Notification issued by KARNATAKA VAT Department in respect of Reversal Rates.
Further the Calculation for turnover of sales shall be taken in gross sales or net sales. i.e net sales = basic value plus tax. Or gross sales = basic value
CAclubindia
