We have made a purchase of a Raw Material during last month for using it in our manufacturing process. But it was not used due to some internal reason and then our management proposes to sell to the same dealer as scrap. We have availed Input VAT Credit for the purchase.
In the above transaction, vat credit reversal or it is ok if we charge VAT on the Scrap Transaction Value.
And any statutory compliance required for this transaction wrt tnvat registration certificate.
Sorry
CAclubindia
