Input tax credit of stock transfer
This query is : Resolved
17 August 2012
Dear All
Can we take input tax credit of Stock Transfer suppose that we have purchase goods form delhi registered dealer Rs 1000 + 5% vat and same was transfer out side of state can we take tax credit of such purchase?
Can we take input tax credit of Stock Transfer suppose that we have purchase goods form delhi registered dealer Rs 1000 + 5% vat and same was transfer out side of state can we take tax credit of such purchase?
17 August 2012
First you can take Input tax credit for the local purchase and reverse the ITC for the stock transfer value. There is a formula prescribed for reversing the ITC and you have to forego Input tax credit on percentage basis. Refer the particular section in DVAT Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
