Hello Sir,
Pl guide us in the following cases.( Reversal of inputvat credit)
1) Local purchase and sold within the state
2) Local purchase and sold outside the state without 'c' form
3) Local purchase and sold outside the state
4) Local purchase and stock transferred to other branches .
We have claimed inputvat @ 5% in all the above cases. Is it Correct. Need your advice.
regards,
Neela.
in case from 1-3 your can take the credit of input tax but in case of (4) local purchase and trf to other branch or stock transfer on consignment sale you can't calim input tax credit
if you credit it than you can do reverse input tax credit
@ Deepak Rohera ...........
Will u plz quote relevant rule or Source.......
Regards
Manish Arya
CAclubindia
