TNVAT Section 41

Others 1980 views 2 replies

I have a Query on TNVAT, Under Section 41. Assessee registered under TNGST Act. after TNVAT, he continued collecting tax and adjusting against purchase invoices. (Medical Ship). After completion of the FY, Assessing officer has send notice to remit the tax. Saying that U/S 41, The taxable turnover is below Rs.10.00 Lakhs, assessee should not collect tax , if collected should be remitted to government.

Guide me whether dening Input Tax credit is acceptable if taxable turnover is less than 10.00 Lakhs.?

What are options to save the client?

Replies (2)

I have a Query on TNVAT, Under Section 41. Assessee registered under TNGST Act. after TNVAT, he continued collecting tax and adjusting against purchase invoices. (Medical Ship). After completion of the FY, Assessing officer has send notice to remit the tax. Saying that U/S 41, The taxable turnover is below Rs.10.00 Lakhs, assessee should not collect tax , if collected should be remitted to government. Guide me whether dening Input Tax credit is acceptable if taxable turnover is less than 10.00 Lakhs.? What are options to save the client? Read more at: /forum/tnvat-section-41-109707.asp

yes the assessee whose T.O. is below the taxable limit is not eligible to collect tax and to adjust ITC for his liabilities.


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