Reversal of input credit on Stock transfer

Hi,

Dealer stock transfering taxable goods outside the State of Karnataka is required to forego the credit upto 2% of input tax paid on purchases within the State.

The requirement is specified in Section 17 of KVAT Act, 2003 read-with Rule 131 of KVAT Rules 2005.  Formuala is specified in Rule 131.  The provision regarding rate of 2% is contained in Section 14 of KVAT Act, 2005. 

Regards

Dharmaraju

Dear Friends,

Can you please help me out regarding reversal rate of input credit as well as formula for every region.

Thanks & Regards

Saurav Barik

Dear Friends,

Its a humble request to you please help me out about the reversal rate of input credit on stock transfer..

Its urgent..

Thanks & Regards

Saurav Barik

Could somebody post the reversal of input credit under form F transfer in kerala VAT rules ..... ?

Dear Sir,

Please help me About, Inelegible Input Vat  on Consignment sales, how it is calulated, mothly basis or 6 months once a time.

Mr Rajashehar,

What is the product involved in consignment sales, and what is the ineligible input (product name) to give a reply to you.

In normal course, ineligible input tax credit is to be reversed on monthly basis.  That is, entire credit is to be forgone.  From the purchase data, find out what is eligible itc and ineligible and reverse it.

rengaraj .rk

dear expert,

can i take the retention on stock transfer value @ 2%, whether legally any harm in that case.

if i calculated on formula base, it is around 6 to 8 % retention on stock value, it is true?

regards

nilesh